A Community of Enterprises - Johor Corporation 2004.pdf · A Community of Enterprises that respect the deeper social values that binds the organisation to its roots within the

We are a market-driven multi-business corporate organisation comprising of member enterprises whose raison d’etre is to create valueand generate wealth through entrepreneurial effort. As a Group, we aspire to become one of Malaysia’s leading corporate contributorsto national economic growth and prosperity. This is to be achieved principally through growing strategic businesses that can enhanceMalaysia’s competitive position in the increasingly globalised market, as well as meeting with the continuous expansion in demand forquality products and services. Additionally, through a clearly defined Intrapreneuring Program, we strive to also release entrerpreneurialenergies, harness creativity and innovation from among talented individuals, enabling them to establish and build businesses that cansimilarly create entrepreneurial career opportunities for those involved and to support our corporate growth as well. This IntrapreneuringProgram is fully market-driven and is structured on venture capital format.

Collectively, over time, we aspire to build JCorp into a Community of Enterprises in more than one sense of the word. In the long run, wealso aim to add value to Malaysia’s social capital so critical for national cohesion and continued political stability and integrity. In thiseffort we are therefore pioneering an institutional corporate concept that combines the pursuit for profits and cash flow and theaccumulation of assets and wealth on the one hand, with the realisation of Malaysia’s broader national aspirations and equity agenda onthe other. Most of all, we believe all these can be achieved through corporate means and strictly business-driven methods.

We are therefore above all,

1. A corporate organisation spawning member enterprises that create and add value and are result-oriented, yet people-focused,maximising opportunities for all levels of its people to express their entrepreneurial energies and business creativity.

2. An entrepreneurial business organisation that promises a business and corporate career opportunity for talented individuals to rise tohis/her highest performance level, to be matched by the pace and scope of business growth of each of its member enterprise.

3. A Community of Enterprises that respect the deeper social values that binds the organisation to its roots within the larger Malaysiancommunity. We fully recognise that these values need to be integrated and synthesised into JCorp’s corporate life before the powerfulmotivational driving force inherent within these values can be harnessed to get maximum results from its people.

4. A values-driven business entity peopled largely by Malaysians of the Islamic faith that takes upon itself the exciting challenge ofsuccessfully integrating the fundamentals of Islamic values into corporate practice. The formidable task before JCorp is to adapt andsynthesise these values to ensure business relevance, yet sustain their integrity and meaning. The exercise will expose the Group to theextreme test of maintaining corporate coherence and to ultimately translate all these efforts to measure up in terms of business resultsand outstanding corporate performance.

5. A learning business organisation aspiring to similarly integrate the best management practices, the drive for quality, the thirst forknowledge and mastery over competencies and relevant technology into the day-to-day life and activities of member enterprises. Thistremendous challenge therefore demands the deliberate institutionalisation of a dynamic and vibrant corporate culture and infusingelements of change and continuous adaptation into the Group’s corporate life.

6. A corporate entity contributing to Malaysia’s economic growth and towards bridging economic divides and alleviating impact fromdistortions imposed upon society by the economic system. This can be achieved through our presence as a corporate "trust" institutionand through the value premise underlying our intrapreneuring concept.

7. A corporate institution actively cultivating and sustaining the trust and faith of all our stakeholders, indeed, of all Malaysians. It is to beachieved, for example, through aligning corporate action with community concerns on current environmental and ecological issues,among others. Such trust and faith is to be ultimately earned from public endorsement of JCorp’s institutional long-term impact onsociety and from its performance and behaviour in the market.

JCorp’s institutional presence is therefore designed to contribute towards correcting imbalances and mitigating its worst impact onsociety. As a corporate institution, we aim to minimise the effect of marginalisation of talented members of Malaysian society from thebusiness and corporate mainstream. Hence the offer of entrepreneurial career opportunities particularly to those who would otherwisebe alienated simply due to their lack of capital or inaccessibility to exclusive corporate networks.

When all is said and done, we are hopeful that Malaysians will indeed recognise that the Group’s pursuit for business success and corporatecritical mass will not, in the long run, end up only in exacerbating the universal capitalistic outcome of gross social and economicinequality in society.

In short, we in JCorp are single-minded in our determination to serve the community through enterprise – A Community of Enterprises andan enterprise for community!

A Community of Enterprises

Pengerusi / Chairman

1. YAB DATO' HAJI ABDUL GHANI BIN OTHMANMenteri Besar Johor / Chief Minister of Johor

2. Ketua Eksekutif Kumpulan / Group Chief Executive

YBHG TAN SRI DATO' MUHAMMAD ALI BIN HASHIM

Ahli-Ahli Lembaga Pengarah / Board Members

3. YBHG TAN SRI DATO' ABDULLAH BIN AYUBAhli Perniagaan / Businessman

4. YB DATO' HAJI MOHD RAZALI BIN MAHUSINSetiausaha Kerajaan Negeri Johor / State Secretary of Johor

5. YB ENCIK YAACOB BIN HAJI MD SAMPenasihat Undang-Undang Negeri Johor / State Legal Advisor, Johor

6. YB DATO' HAJI A. KARIM BIN HAJI HASSANPegawai Kewangan Negeri Johor / State Financial Officer, Johor(Dilantik pada 13 Dis 2004 / Appointed on 13 Dec 2004)

7. YBHG DATO' MOHD SIDEK BIN HAJI HASSANKetua Setiausaha, Kementerian Perdagangan Antarabangsa & Industri /Secretary General, Ministry of International Trade & Industry(Dilantik pada 29 Nov 2004 / Appointed on 29 Nov 2004)

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Lembaga Pengarah Board of Directors

8. YBHG DATO' AHMAD BIN KONCHONGKetua Setiausaha, Kementerian Pembangunan Usahawan & Koperasi /Secretary General, Ministry of Entrepreneur Development & Cooperatives(Dilantik pada 1 Jan 2005 / Appointed on 1 Jan 2005)

9. YBHG DATO' AB KHALIL BIN AB HAMIDPengarah Bahagian Pengurusan Belanjawan, Kementerian Kewangan (Perbendaharaan) /Director of Budget Management Division, Ministry of Finance (Treasury)(Dilantik pada 22 Okt 2004 / Appointed on 22 Oct 2004)

10. YB DATO' AHMAD BIN ABDULLAHAhli Perniagaan / Businessman

11. YB DATUK DR HARIS BIN SALLEHAhli Perniagaan / Businessman

12. Setiausaha / Secretary

PUAN SATIRA BINTI OMAR

Nota / Notes

YBHG DATUK ZAKIAH BINTI HASHIM(Bersara mulai 7 Nov 2004 / Retired with effect from 7 Nov 2004 )

YB DATO' HAJI ISHAK BIN AMIN(Bersara mulai 13 Dis 2004 / Retired with effect from 13 Dec 2004)

YBHG TAN SRI DATUK ABDUL RAZAK BIN HAJI RAMLI(Bersara mulai 24 Okt 2004 / Retired with effect from 24 Oct 2004)

ENCIK HASAN BIN ISMAIL(Meletakkan jawatan pada 22 Ogos 2004 / Resigned with effect from 22 Aug 2004)

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Lembaga Pengarah Board of Directors

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Jawatankuasa Tertinggi Pengurusan Kumpulan (TERAJU)Group Top Management Committee


YBHG TAN SRI DATO' MUHAMMAD ALI BIN HASHIMKetua Eksekutif Kumpulan

Group Chief Executive

Ahli-Ahli / Members

YB DATIN PADUKA SITI SA'DIAH BINTI SHEIKH BAKIRKetua Eksekutif, Bahagian PrisihatinChief Executive, Healthcare Division

TUAN HAJI AHAMAD BIN MOHAMADKetua Eksekutif, Bahagian Minyak Sawit

Chief Executive, Palm Oils Division

ENCIK JAMALUDIN BIN MD ALIKetua Pegawai OperasiChief Operating Officer

TUAN HAJI AFM SHAFIQUL HAFIZKetua Eksekutif, Bahagian Pembangunan Hartanah

Chief Executive, Property Development Division

TUAN HAJI ROZAN BIN MOHD SAATKetua Eksekutif, Bahagian Intrapreneur Venture

Chief Executive, Intrapreneur Venture Division TUAN HAJI ESA BIN MAMEKPengurus Besar KananSenior General Manager

PUAN AZIZAH BINTI ABDUL RAHMANPengurus Besar Kanan (Kewangan)Senior General Manager (Finance)

ENCIK ABD RAZAK BIN HARONPengurus Besar (Pematuhan & Audit Kumpulan)General Manager (Group Compliance & Internal Audit)

ENCIK AHMED MUZNI BIN MOHAMEDPengarah Urusan, Pelaburan Johor BerhadManaging Director, Pelaburan Johor Berhad

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Jawatankuasa Eksekutif (EXCO)Executive Committee


TUAN HAJI ESA BIN MAMEKPengurus Besar Kanan

Senior General Manager

Ahli-Ahli / Members

TUAN HAJI HUSSIN BIN HARONPengurus Besar Kanan

(Pembangunan Tenaga Insan & Pentadbiran)Senior General Manager

(Human Resource Development & Administration)

PUAN HAJJAH AZIZAH BINTI AHMADPengurus Besar (Bisnes Amal)

General Manager (Amal Business)

TUAN HAJI LUKMAN BIN ABU BAKARSetiausaha, Pihak Berkuasa Tempatan Pasir Gudang

Secretary, Pasir Gudang Local Authority

TUAN HAJI YUSOF BIN RAHMATPengarah Urusan, TPM Technopark Sdn Berhad

Managing Director, TPM Technopark Sdn Berhad

TUAN HAJI MAZLAN BIN OTHMANPengurus Besar, Tanjung Langsat Port Sdn Berhad

General Manager, Tanjung Langsat Port Sdn Berhad

TUAN HAJI AHMAD JAMAL BIN WAGIMINTimbalan Pengurus Besar (Bisnes Intrapreneur)

Deputy General Manager (Intrapreneur Business)

YM RAJA ROZHAN BIN RAJA JAAFARPengurus Kanan, Jabatan KewanganSenior Manager, Finance Department

ENCIK JAMALUDIN BIN KALAMPengurus, Unit Hal Ehwal SyarikatManager, Company Affairs Unit

ENCIK ABD. RAHIM BIN MUSTAFFAPengurus, Unit Khidmat HartanahManager, Land Services Unit

CIK SHEKHAH BINTI MD SALLEHPengurus, Unit Undang-undangManager, Legal Unit

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Jawatankuasa Kewangan dan Modal (KEMUDI)Finance and Investment Committee


PUAN AZIZAH BINTI ABD RAHMANPengurus Besar Kanan (Kewangan)Senior General Manager (Finance)

Ahli-Ahli / Members

ENCIK MOHD ZAM BIN MUSTAMANPengurus Besar (Khidmat Korporat)

General Manager (Corporate Services)

PUAN NORISHAH BINTI MOHD SETHPengurus, Jabatan Bisnes Intrapreneur

Manager, Intrapreneur Business Department

PUAN NORLIDZA BINTI DAUDPengurus Kanan, Jabatan Kewangan

Senior Manager, Finance Department

PUAN SATIRA BINTI OMARPembantu Khas kepada Ketua Eksekutif Kumpulan

Personal Assistant to Group Chief Executive

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Jawatankuasa Induk PerjawatanGroup Human Resource Committee


YB DATIN PADUKA SITI SA'DIAH BINTI SHEIKH BAKIRKetua Eksekutif, Bahagian PrisihatinChief Executive, Healthcare Division

Timbalan Pengerusi / Deputy Chairman

TUAN SYED ALI BIN SYED AHMADPengarah Bahagian Khidmat Am, EPA Management Sdn Berhad

Director of General Services Division, EPA Management Sdn Berhad

Ahli-Ahli / Members

TUAN HAJI HUSSIN BIN HARONPengurus Besar Kanan

(Pembangunan Tenaga Insan & Pentadbiran)Senior General Manager

(Human Resource Development & Administration)

ENCIK MOHD ZAM BIN MUSTAMANPengurus Besar (Khidmat Korporat)

General Manager (Corporate Services)



PUAN HAJJAH AZIZAH BINTI AHMADPengurus Besar (Bisnes Amal)

General Manager (Amal Businesses)

ENCIK HALMI BIN JASMINPengerusi, JCorp Intrapreneur (M) Sdn BerhadChairman, JCorp Intrapreneur (M) Sdn Berhad



TUAN HAJI ABD MALIK BIN TALIBKetua Pegawai Operasi, Johor Land BerhadChief Operating Officer, Johor Land Berhad

TUAN HAJI YUSOF BIN ISMAILPengurus Kanan Korporat, KPJ Healthcare BerhadCorporate Senior Manager, KPJ Healthcare Berhad

ENCIK ABDUL RASHID BIN HAJI BUKHAIRAHPengurus Kanan, Sindora BerhadSenior Manager, Sindora Berhad

PUAN SHARIFAH MUSAINAH BINTI SYED ALWIPengurus, Pelaburan Johor BerhadManager, Pelaburan Johor Berhad

PUAN RABIYAH BINTI SENINPengurus Kanan,Jabatan Pembangunan Tenaga Insan & PentadbiranSenior Manager,Human Resource Development & Administration Department

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Jawatankuasa Pengawasan Pelaburan (JAWS)Investment Review Committee




Ahli-Ahli / Members

TUAN HAJI AHAMAD BIN MOHAMADKetua Eksekutif, Bahagian Minyak Sawit

Chief Executive, Palm Oils Division

TUAN HAJI AFM SHAFIQUL HAFIZKetua Eksekutif, Bahagian Pembangunan Hartanah

Chief Executive, Property Development Division

TUAN HAJI ROZAN BIN MOHD SAATKetua Eksekutif, Bahagian Intrapreneur VentureChief Executive, Intrapreneur Venture Division



ENCIK AHMED MUZNI BIN MOHAMEDPengarah Urusan, Pelaburan Johor Berhad

Managing Director, Pelaburan Johor Berhad

TUAN HAJI ABD RAHMAN BIN SULAIMANKetua Pegawai Operasi, Natural Oleochemicals Sdn BerhadChief Operating Officer, Natural Oleochemicals Sdn Berhad

TUAN HAJI AHMAD JAMAL BIN WAGIMINTimbalan Pengurus Besar (Bisnes Intrapreneur)

Deputy General Manager (Intrapreneur Business)

PUAN SATIRA BINTI OMARPembantu Khas kepada Ketua Eksekutif

Personal Assistant to Group Chief Executive

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Jawatankuasa Penilaian dan Pelupusan Aset (JPPA)Asset Valuation and Disposal Committee




Ahli-Ahli / Members



TUAN HAJI MALEK BIN TALIBKetua Pegawai Operasi, Johor Land BerhadChief Operating Officer, Johor Land Berhad

TUAN HAJI 'ALA BIN MANSORPengarah Eksekutif, Harta Facilities Management Sdn BerhadExecutive Director, Harta Facilities Management Sdn Berhad

PUAN NORLIDZA BINTI DAUDPengurus Kanan, Jabatan Kewangan

Senior Manager, Finance Department

PUAN NORISHAH BINTI MOHD SETHPengurus, Jabatan Bisnes Intrapreneur

Manager, Intrapreneur Business Department

ENCIK ABD. RAHIM BIN MUSTAFFAPengurus, Unit Khidmat Hartanah

Manager, Land Services Unit

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Jawatankuasa AuditAudit Committee


YB DATO' JOHARI BIN MOHAMADPengarah Bebas

Independent Director

Ahli-Ahli / Members

PUAN ZAINAH BINTI MUSTAFAPengarah Bebas

Independent Director

ENCIK JAMALUDIN BIN MD ALIKetua Pegawai OperasiChief Operating Officer

Penyata Korporat

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Ekonomi Malaysia mencatatkan pertumbuhan yangmemberangsangkan sebanyak 7.10 peratus dalamtahun 2004. Pertumbuhan tersebut berbentukmenyeluruh dengan semua sektor mencatatkanpetanda positif yang disokong oleh isyarat-isyaratpositif bahawa pertumbuhan ekonomi semakinkukuh di seluruh dunia.

Permintaan dalam negara, khususnya perbelanjaanpengguna, terus mencatatkan pertumbuhanberterusan selama lima tahun berturut-turutmanakala pelaburan swasta yang mula menunjukkanpeningkatan di hujung tahun 2003 menjadi penerajupertumbuhan ekonomi. Ianya adalah hasil dari

usaha-usaha berkesan yang dilaksanakan olehKerajaan untuk membangunkan sumber-sumberpertumbuhan baru bagi mengurangkan kesanketidaktentuan ekonomi negara.

Sektor pembuatan terus menjadi penyumbang utamadengan mencatatkan pertumbuhan sebanyak 10.50peratus yang disokong oleh perkembangan sektorICT, perkhidmatan kewangan dan pemulihan aktivitipelancongan. Manakala sektor perkhidmatan yangmencatatkan pertumbuhan sebanyak 6 peratus teruskekal sebagai penyumbang utama KDNK dengansumbangannya sebanyak 57 peratus.

YAB Dato’ Haji Abdul Ghani Bin OthmanMenteri Besar JohorChief Minister of Johor

YBhg Tan Sri Dato’ Muhammad Ali HashimKetua Eksekutif KumpulanGroup Chief Executive

Penyata Korporat

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Sektor pertanian mengalami pertumbuhansederhana sebanyak 2.80 peratus kesan daripengeluaran Minyak Sawit Mentah (MSM) yangrendah disebabkan oleh masalah hasil kitaran biologipokok kelapa sawit. Walau bagaimanapun, hargaMSM terus menunjukkan prestasi yang cemerlangpada tahun 2004, dengan purata harga sebanyak RM1,650 setan berbanding RM 1,544 setan pada tahunsebelumnya. Ini adalah disebabkan oleh kekuranganpengeluaran minyak sayur dan lemak di pasaranglobal serta permintaan yang teguh daripada negaraChina dan Kesatuan Eropah.

Suasana ekonomi yang menggalakkan di dalam danluar negara telah meningkatkan prestasi Bisnes AsasJohor Corporation (JCorp) yang diterajui olehBahagian Minyak Sawit, Prisihatin, IntrapreneurVenture dan Hartanah serta disokong oleh BisnesIntrapreneurnya.

Pengekalan harga MSM yang tinggi dan peningkatanprestasi menyeluruh perkhidmatan prisihatin dansektor hartanah telah meningkatkan keuntungan danaliran tunai JCorp di sepanjang tahun 2004. JCorptelah menikmati faedah daripada pertumbuhanbisnesnya yang positif, disebabkan terutamanya olehkekukuhan perancangan strategik korporatnya masalalu, khususnya dari sudut gaya keusahawanannya.Ini ditambah pula dengan adanya kepimpinanpengurusan atasan yang profesional dan disiplinkorporat eksekutif-eksekutif serta keseluruhanbarisan anggota pekerjanya. Faktor penyumbangyang lain adalah kerana kekukuhan budayakorporatnya yang dibina bersandarkan kepadaperkongsian nilai-nilai utama yang telah terbuktikeberkesanannya serta tradisi JCorp yang sentiasamengutamakan kecemerlangan kualiti. Kesemua

faktor-faktor tersebut telah memberi kekuatankepada JCorp untuk terus menjana bisnes danmengekal nilai yang sangat kritikal di dalammeneruskan kesinambungan pertumbuhankorporatnya.

Bermotivasi untuk menjadi salah sebuah “OrganisasiKorporat Islam bertaraf Global Berteraskan BudayaKeilmuan dan Keusahawanan” terulung di Malaysia,pertumbuhan korporat JCorp dan bisnesnyaditumpukan untuk meningkat dan mengembangkanbisnesnya melalui Bahagian Bisnes Asas. Bisnes Asasini dipacu oleh syarikat-syarikat tersenarai (PLC)masing-masing yang berusaha bersungguh-sungguhdan berhasrat untuk menjadi syarikat-syarikattersenarai terbilang di Bursa Malaysia.

Di samping itu sejak tahun 2004, JCorp telahmengiktiraf Pihak Berkuasa Tempatan Pasir Gudang(PBTPG) dan Skim Saham Amanah yang diuruskanoleh Pelaburan Johor Berhad (PJB) sebagai BisnesAsas yang baru bagi JCorp. Pengiktirafan ini sekaligus menggambarkan kepentingan dua fungsipengurusan tersebut yang dianggap sebagai asaskepada peranan dan wawasan JCorp sebagai sebuahinstitusi korporat. Hasil daripada pengiktirafan ini,Pengarah Urusan PJB telah dilantik sebagai ahliJawatankuasa Pengurusan Tertinggi JCorp (manakalaPBTPG telah sedia diwakili oleh Ketua Eksekutif JCorpyang juga merupakan Yang Di Pertua Pihak BerkuasaTempatan Pasir Gudang).

Penghasilan Nilai Sebagai Tema Bagi Bisnes Asas

Sementara Pelan Induk Penyusunan Semula KorporatJCorp (PIPK) berjalan lancar sebagaimana yang telah

Penyata Korporat

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dirancang, JCorp bergerak ke hadapan pada tahun2004 dengan mengenal pasti dan merancangberbagai pilihan strategi baru yang telah punmenghasilkan prestasi yang terbaik.

Pentakrifan semula korporat dan tindakanpengubahsuaian konsep yang dilaksanakan sejakkrisis pada tahun 1997 serta pelbagai langkah tegasyang diambil dalam mengatur dan menyusun semulaaktivitinya telah menghasilkan pulangan kepadaJCorp. Sepanjang tahun yang dikaji, seluruh tenagadan sumbernya telah difokuskan kepada langkah-langkah korporat yang strategik bagi membolehkantindakan proaktif dan efektif diambil dalammenangani perubahan pasaran semasa di dalamnegeri dan di peringkat global. JCorp juga tidakteragak-agak menyahut cabaran bagi mengendalidan menguruskan paradoks dan konflik sertamembuat keputusan penting dalam bisnes demimemastikan pertambahan nilai dan juga penciptaankekayaan yang berterusan dengan objektif utamauntuk meningkat dan memperkukuhkan daya saingsecara berkumpulan.

Justeru itu, di dalam tahun yang dikaji, syarikat-syarikat di dalam Kumpulan telah semakin pekamengenai peranan masing-masing untukmempertingkat dan memperbaiki nilai aset merekasupaya berada di posisi yang lebih teguh untukmenghasilkan nilai lebih tinggi khususnya kepadasemua yang berkepentingan. Tema tersebutmenekankan kepada tumpuan dalammengoptimumkan aset Kumpulan secaramenyeluruh, sama ada nilai ketara dan tidak ketara,pencapaian pesat korporat, potensi capaian bisnesserta rangkaian berterusan yang dapat menjanakekayaan dan peningkatan nilai yang berkekalan.

Syarikat-syarikat di dalam Kumpulan yang telahmelalui usaha-usaha penggabungan pada tahun-tahun sebelum ini dituntut untuk menghasilkantindakan berkesan yang berinovatif dan kreatif bagimerealisasikan nilai bisnes dan sinergi korporat.Hasilnya, di sebalik saiz Kumpulan yang besar yangmelibatkan operasi sebanyak 188 buah syarikat sertadianggotai oleh lebih dari 26,000 anggota pekerja,JCorp telah membuktikan bahawa “gajah bolehterbang”! Kumpulan telah berupaya mencapaikesemuanya ini dengan mengadaptasi strategiorganisasi secara sengaja dan membentuk strukturkorporat yang mempertahankan ketangkasan danmemaksimumkan fleksibiliti serta mempergunakansepenuhnya daya keusahawanan yang ada.

Pacuan keusahawanan korporat khususnya, timbulmenerusi ciri-ciri unik konsep pembangunanIntrapreneur JCorp dan program IntrapreneurVenture yang dilaksanakan oleh Sindora Berhad(Sindora). Konsep keusahawanan Intrapreneur initelah membolehkan JCorp merebut peluangpertumbuhan dan membina daya keusahawanansyarikat-syarikat kecil dan sederhana yangmembangun secara bersepadu untuk munculsebagai entiti yang lebih bertenaga dan kukuh.Justeru itu, JCorp telah mengadaptasi label korporatyang baru sebagai “Rumpun Enterprais” yangmengangkat Kumpulan JCorp sebagai salah sebuahenterprais korporat yang berprestasi.

Proses intrapreneur ini juga bermaksud peningkatanilmu pengetahuan yang berlanjutan, penyebaran danperkongsian kemahiran dan pengalaman Kumpulanyang mana ia hanya boleh dicapai dengan jayanyamenerusi tahap kepercayaan yang tinggi dankeyakinan bersama yang jitu. Menginstitusikan

Penyata Korporat

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pembelajaran korporat Kumpulan dan membinapengetahuan korporat yang bernilai merupakancabaran yang hanya boleh dicapai denganpeningkatan ilmu pengetahuan melaluipembelajaran yang di dapati dari budaya korporatdan perkongsian nilai yang kukuh.

Sebenarnya, ianya adalah prasyarat dan faktorpenyokong yang membolehkan JCorp akhirnyaberubah kepada institusi korporat “Amanah” yangbukan hanya untuk keperluan ekonomi masyarakatdalam membina kekayaan, tetapi juga dalam usahayang sama, menyatukan nilai tinggi masyarakat kedalam amalan korporat. Proses transformasi tersebutapabila selesai dilaksanakan pada akhirnya akanmenjadi jambatan penyatu kepada jurang perbezaanekonomi dan sosial yang biasanya berlaku di dalamkonteks ekonomi pacuan bisnes yang pesat. Jurangperbezaan di antara komuniti bisnes/korporat danmasyarakat terbanyak khususnya komuniti bukanbisnes adalah ciri-ciri biasa bagi ekonomi danmasyarakat yang di bentuk di dalam model kapitalisdan pacuan korporat yang tidak terkawal.

Dalam pada itu, integrasi korporat dan usahasinergi akan dijalankan secara berterusan diperingkat operasi, hasil daripada penstrukturandan integrasi korporat yang telah dilaksanakan.Beberapa usaha tersebut sebenarnya telah selesaidilaksanakan di dalam Kumpulan JCorp pada tahunyang dikaji sementara sebahagian lagi adalahdalam proses perlaksanaannya.

Kulim (Malaysia) Berhad

Bagi Kulim (Malaysia) Berhad (Kulim), tahun 2004menyaksikan kejayaan penting bagi beberapa aktivitikorporatnya yang kesemuanya berkaitan dengantema ke arah menghasilkan nilai kepada pemegangsaham, membina masa depan dan memperbaikipematuhan korporat dan ketelusan. Tahun yangdikaji menyaksikan Kulim mengambil alih 100 peratusekuiti dalam EPA Management Sdn Berhad (EPA)pada bulan Julai 2004. Dengan pengambilalihan ini,Kulim mengambil alih sepenuhnya pengurusanestetnya dan di samping dapat mengembangkankeluasan penanaman kelapa sawit dari 62,226 hektarkepada 148,460 hektar. Pada masa yang sama, Kulimjuga mengambil alih kepentingan 62.03 peratusekuiti di dalam Kumpulan Bertam Berhad, iaitusebuah syarikat perladangan kelapa sawit yangdahulunya dimiliki oleh JCorp. Peratus kepentinganini kemudiannya dipertingkatkan kepada 92.99peratus pada akhir tahun 2004.

Tahun 2004 sesungguhnya merupakan tahun yangmembanggakan bagi Bahagian Minyak Sawit. Ianyatelah merekodkan pertumbuhan yang cemerlangberbanding tahun lepas, khususnya dalam bentukkeuntungan dan aliran tunai yang terhasil dari faktordalaman dan luaran. Keadaan ini telahmembolehkan Kulim terus memberi sumbanganyang positif kepada Kumpulan JCorp dan jugasebagai tanda ke arah pencapaian agendatransformasi Bahagian.

Di dalam tahun yang dikaji, Kulim mencatatkanpendapatan berjumlah RM 1.45 bilion, iaitu

Penyata Korporat

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peningkatan yang memberangsangkan sebanyak41.48 peratus sementara keuntungan sebelum cukaimelonjak kepada RM 284.88 juta, iaitu peningkatancemerlang sebanyak 43.37 peratus hasil darisokongan sumbangan yang positif dari kesemuasyarikat anak utamanya.

Bulan Disember 2004 menandakan satu lagipencapaian penting dalam sejarah Bahagian apabilasatu Perjanjian Usaha Sama telah ditandatanganiantara Kulim dengan TopPlant Sdn Berhad untukmenubuhkan syarikat usaha sama 60:40 yang dikenalisebagai Kulim TopPlant Sdn Berhad. Usaha sama inimerupakan satu langkah yang strategik bagi menjanapotensi sinergi yang ditawarkan oleh kedua-duabelah pihak yang merangkumi sumber unik dankemampuan dalam menghasilkan skala besar operasitisu kultur. Integrasi hiliran ini bertujuan untukmenghasilkan klon kelapa sawit yang unggul bagistrategi penambahan nilai produktiviti, yang manapenuaian Buah Tandan Bersih (BTB) dijangkameningkat dari 25 hingga 30 peratus dan KadarPerahan Minyak (KPM) dijangka bertambah dari 2hingga 3 peratus.

Melalui usaha semua pihak, tahun 2004 telahmemperlihatkan peningkatan dalam KPM kepada19.30 peratus berbanding 18.70 peratus dicatatkanpada tahun sebelumnya. Secara perbandingan, kadarperahan isirung telah merekodkan kadar puratasebanyak 5.60 peratus yang menunjukkan sedikitpeningkatan purata sebanyak 5.50 peratus padatahun sebelumnya.

Pengeluaran BTB Kulim di Indonesia telah bertambahsebanyak 11.40 peratus kepada 146,148 tan sejajardengan peningkatan jumlah kawasan yang ditanam

seluas 24,874 hektar atau peningkatan sebanyak 9.30peratus dari 22,765 hektar pada tahun sebelumnya.Pada kadar tahunan, pengeluaran BTB bertumbuhsebanyak 11 peratus dalam tahun 2004, dengankadar penuaian sebanyak 9.32 tan sehektar yangmelambangkan profil umur ladang yang masihmuda. Jumlah pendapatan yang dihasilkan olehoperasi di Indonesia meningkat kepada RM 64.50juta dalam tahun 2004, iaitu peningkatan yangmembanggakan sebanyak 178 peratus dari RM 23.20juta yang dicatatkan pada tahun sebelumnya yangsebahagiannya telah disumbangkan oleh syarikat-syarikat anak EPA.

Tahun 2004 juga adalah merupakan tahun di manaKulim membuka kilang kelapa sawit pertamanya diLahat, Sumatera. Di samping mendapatkan bekalanBTB dari ladang-ladang Bahagian, kilang ini jugamemperoleh bekalan BTB daripada estet-estet yangberhampiran. Pada tahun yang dikaji, kilang ini telahmencatatkan keuntungan sebanyak RM 2.60 juta.

Prestasi yang baik juga direkodkan oleh syarikat anakKulim di Papua New Guinea, iaitu New Britain PalmOil (NBPOL). Syarikat tersebut telah menghasilkanpendapatan berjumlah Kina 392.30 juta (RM 494.30juta), yang menunjukkan peningkatan sebanyak15.30 peratus daripada tahun sebelumnya. NBPOLmencatatkan keuntungan sebelum cukai sebanyakKina 126.30 juta (RM 158.76 juta) dalam tahun 2004,iaitu peningkatan sebanyak 16 peratus dari Kina108.90 juta (RM 136.12 juta) pada tahun sebelumnya.Prestasi yang cemerlang tersebut adalah hasildaripada penuaian yang tinggi dari estet syarikat danpekebun kecil serta kenaikan harga minyak sawit.

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Sebagai sebahagian daripada strategi kepelbagaianuntuk melindungi ketidaktentuan daripada naik turunharga minyak mentah, Kulim telah memperkukuhkankedudukannya ke dalam sektor oleo kimia. Kulimmelalui syarikat anaknya Natural Oleo Chemicals SdnBerhad (NatOleo) telah menggandakan tiga kalikapasiti pengeluaran oleo kimianya dalam jangkamasa 2 tahun bagi memanfaatkan kelebihan strategikMalaysia sebagai sebuah negara pengeksport utamaasas oleo kimia minyak sawit.

Ia sesungguhnya merupakan salah satu tahun yangmencabar bagi operasi oleo kimia syarikat.Peningkatan persaingan yang berterusan daripengeluar tempatan dan luar negara serta hargabahan mentah yang tinggi yang dialami di dalamtahun 2003 telah berterusan di dalam tahun 2004.

Walau bagaimanapun, Kulim berpuas hati denganprestasi NatOleo yang terus mencapai kapasitipengeluaran yang optimum sebanyak 150,000 TPAdalam tahun yang dikaji. Hasilnya, ianya telahmerekodkan pendapatan berjumlah RM 477.65 jutadalam tahun 2004, iaitu peningkatan yang baiksebanyak 44 peratus berbanding RM 332.39 juta padatahun sebelumnya. Syarikat mencatatkankeuntungan sebelum cukai berjumlah RM 16.34 jutadalam tahun 2004 berbanding RM 24.93 juta dalamtahun 2003. Buat masa ini, NatOleo dalam prosesmembina kilang “fatty acid” ketiganya. Apabila siapkelak, NatOleo akan dapat meningkatkan kapasitibagi memproses sebanyak 380,000 tan kelapa sawityang seterusnya menjadikan ianya sebagai kilangoleo kimia terbesar di dunia yang terletak dalamsatu lokasi.

Program perkembangan Kulim dan pengukuhan asasbisnesnya masih lagi belum lengkap dan sumber-sumber syarikat akan terus dijanakan untukmengekalkan momentum pertumbuhan pacuanbisnes sehinggalah Kulim muncul sebagai syarikatpengeluar minyak sawit yang terkemuka bukansahaja di Malaysia bahkan juga serantau.

KPJ Healthcare Berhad

KPJ Healthcare Berhad (KPJ Healthcare) iaitu syarikatkesihatan pakar yang dibangunkan sendiri oleh JCorptelah pun selesai membuat penyusunan semulasyarikat pada tahun 2003. Ianya kini telah berjayamemperkukuhkan kedudukannya sebagai penerajubisnes kesihatan pakar persendirian yangmenguruskan sejumlah 13 buah hospital pakar diMalaysia. KPJ Healthcare sudah pun berada di setiapbandar utama di Malaysia dan juga muncul di rantauini dengan menguruskan 2 buah hospital diIndonesia. Kedudukannya sebagai peneraju pasarandicerminkan dengan fakta bahawa syarikat kinimempunyai sebanyak 1,441 katil berlesen denganperkhidmatan seramai 272 perunding tetapperubatan yang berpengalaman, profesional,berkemahiran tinggi dan terlatih dan seramai 118lagi perunding perubatan pelawat yang disokongoleh 4,500 jururawat, pegawai perubatan dansokongan. Syarikat menawarkan pelbagaiperkhidmatan pakar termasuklah diagnostik, kuratif,terapeutik, rehabilitasi dan penjagaan perubatan danrawatan khusus dalam intervensi kardiologi,pembedahan kardiotorasik, onkologi, radioterapi,neonatologi dan lain-lain.

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Dalam tahun 2004, melalui rangkaian hospitalnya,KPJ Healthcare telah memberikan perkhidmatankepada seramai 1,078,933 pesakit luar dan seramai108,898 pesakit dalaman berbanding denganseramai 985,231 pesakit luar dan seramai 101,596pesakit dalaman dalam tahun 2003. Tahun tersebutjuga menyaksikan pembukaan bangunan hospitalbaru KPJ Healthcare di Seremban, iaitu projek usahasama syarikat dengan Pejabat Agama Islam,Negeri Sembilan.

Dalam tahun yang dikaji, syarikat merekodkanpertumbuhan pendapatan berjumlah RM 583.40 juta,iaitu peningkatan sebanyak 14.50 peratusberbanding pendapatan pada tahun sebelumnyaberjumlah RM 509.52 juta. Syarikat juga mencatatkankeuntungan sebelum cukai dengan peningkatansebanyak 27.07 peratus kepada RM 40.65 jutaberbanding RM 31.99 juta pada tahun sebelumnya.Pencapaian luar biasa ini dicapai hasil dari prosespengambilalihan di samping sokongan berterusan,dan yang lebih penting keyakinan serta kepercayaanpelanggan Malaysia ke atas keupayaan KPJHealthcare.

Dalam usaha untuk meneruskan strategiperkembangan bagi memperkukuhkan aktivitiasasnya sebagai pembekal kesihatan pakar sertamendapatkan pasaran yang luas, KPJ Healthcare tidaklama lagi akan menguruskan Rumah Sakit BumiSerpong Damai di Jakarta. Hospital tersebutmerupakan tambahan kepada dua lagi buah hospitalmiliknya yang berada di sana.

Pada masa yang sama pada bulan Oktober 2004, KPJHealthcare telah menandatangani perjanjian denganUnited Group Ltd, Dhaka, Bangladesh untuk

membekalkan kepakaran teknikal kesihatan danmenguruskan Continental Hospital di Dhaka,Bangladesh. Hospital yang mempunyai 450 bilik inidilengkapi dengan bilik pembedahan umum, bilikpembedahan kardiak, makmal katerisasi, bilikbersalin, unit kawalan rapi, perkhidmatan onkologi,perkhidmatan imej diagnostik , perkhidmatanpergigian dan lain-lain perkhidmatan sokongan.Hospital Continental tersebut dijangka akanmemulakan operasi pesakit luarnya dalam bulan Julai2005 dan dijangka siap sepenuhnya pada bulanDisember 2005.

Pencarian berterusan KPJ Healthcare di dalammenyediakan perkhidmatan berkualiti dancemerlang kepada pelanggan dan pesakit disokongkuat oleh aktiviti Program Pembangunan Kualiti yangkomprehensif. KPJ Healthcare merupakan hospitalpertama dalam industri kesihatan di Malaysia yangmencapai Sijil ISO dalam tahun 1999, iaitu semenjakpelancaran projek perintis dalam tahun 1996. Padahari ini, KPJ Healthcare boleh berbangga danmengambil faedah dari usaha tersebut apabila 8 dari10 hospital yang dimiliki oleh KPJ Healthcaredianugerahkan dengan MS ISO 9001:2000, bersama-sama dengan dua syarikat sokongan KPJ Healthcareiaitu Pharmaserv Alliances Sdn Berhad dan LablinkSdn Berhad.

Intrapreneur Venture

Konsep pembangunan intrapreneur yang telah diasasdan dilaksanakan dengan jayanya oleh JCorp yangkini merupakan sebahagian daripada identiti JCorptelah diangkat ke tahap yang lebih tinggi. Tahapbaru ini dicapai apabila Sindora Berhad (Sindora)

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menerima Intrapreneur Venture sebagai satu bisnesasas baru bagi memacu perkembangan korporatnyake hadapan.

Alhamdulillah, bisnes Intrapreneur Venture Sindorapantas membuktikan yang ianya sangat berbaloidalam membina prestasi yang membanggakan danmenyumbang kepada pertumbuhan korporat danperkembangan Sindora. Melalui IntrapreneurVenture, eksekutif syarikat kecil dan sederhanaditawarkan peluang keusahawanan bagimembolehkan mereka memperolehi sumber danmencapai jaringan Sindora sebagai sebuah syarikattersenarai. Konsep Intrapreneur Venture juga amatbernilai dan mempunyai pendekatan pacuan pasarandi dalam membina bakat keusahawanan yang selaridengan aspirasi negara dalam membangunkanusahawan Bumiputera.

Dalam tahun yang dikaji, Sindora telah mengambilalih lagi syarikat Intrapreneur Venture daripada JCorpiaitu Metro Parking (M) Sdn Berhad (Metro Parking),iaitu sebuah syarikat terbesar pengurusan tempatletak kereta di Malaysia. Ini dapat dijayakan denganpembelian 750,000 unit saham yang mewakili 75peratus ekuiti dalam Metro Parking berjumlah RM6.38 juta.

Metro Parking adalah syarikat Intrapreneur Ventureke lima yang diambil alih di bawah BisnesIntrapreneur Venture. Metro Parking melaluipelbagai syarikat anak di Malaysia, Singapura, Brunei,Indonesia dan Filipina, menguruskan sejumlah 73,600tempat letak kereta dari 167 lokasi. Ianya juga telahberkembang dalam pengedaran peralatan tempatletak kereta dan sistem kad pintar melalui syarikatanaknya, iaitu Metro Equipment System (M) Sdn

Berhad. Pengambilalihan ini dijangka akan menjadimenyumbang penting kepada pendapatan dankeuntungan Sindora pada tahun akan datang.

Dalam masa yang sama, syarikat anak Sindora yangmenguruskan operasi bisnes perkayuan iaitu SindoraTimber Sdn Berhad (Sindora Timber) telah diubahmenjadi entiti Intrapreneur Venture, hasil daripadatawaran saham pemilikan di bawah skim BisnesIntrapreneur Venture kepada pengurusnya. Denganperubahan ini, Bisnes Perkayuan telah dikelaskansebagai Bisnes Intrapreneur Venture bermula padatahun 2005.

Perubahan model bisnes Sindora telahmemperkukuhkan prestasinya dan membawakeputusan bisnes yang cemerlang dalam tahun 2004.Di dalam tahun yang dikaji, syarikat telahmencatatkan peningkatan pendapatan berjumlahRM 138.68 juta, iaitu kenaikan yang besar sebanyak57.10 peratus daripada tahun sebelumnya.Keuntungan sebelum cukai Sindora pula meningkatsebanyak 102.10 peratus kepada RM 19.47 juta.Peningkatan prestasi yang teguh dan besar initentunya memperkukuhkan kredibiliti BisnesIntrapreneur Venture sebagai model bisnes Sindorayang terbukti berjaya.

Bisnes Intrapreneur Venture tersebut menjadipemacu kepada pertumbuhan prestasi Sindora yangmenyumbang sebanyak RM 8.59 juta atau 44.10peratus daripada keseluruhan keuntungan sebelumcukai Sindora dengan jumlah pendapatan sebanyakRM 54.36 juta. Kesemua syarikat Intrapreneur VentureSindora menunjukkan peningkatan di dalamkeuntungan dengan Willis (Malaysia) Sdn Berhad(Willis) menyumbang sebanyak RM 4.14 juta, diikuti

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oleh JMF Asset Management Sdn Berhad (JMF Asset)sebanyak RM 2.70 juta, Pro-Office Bulk Mailing(POBM) sebanyak RM 2.13 juta dan Tepak MarketingSdn Berhad (Tepak) sebanyak RM 461,129.

Pengambilalihan lima buah syarikat yang dinamiklagi menguntungkan oleh Sindora dapatmengurangkan kebergantungan syarikat kepadaproduk asas komoditi tradisional dalam minyak sawitdan perkayuan. Pengambilalihan syarikat berpotensitersebut membolehkan Sindora memampansebarang kemerosotan di dalam bisnes asas kayubalak dalam jangka masa panjang. Ianya selaridengan peranan asas Bahagian untuk meningkatkanpendapatan, memperkukuh nilai danmemaksimumkan pulangan masa hadapan kepadapemegang saham.

Johor Land Berhad

Bahagian Hartanah JCorp di bawah Johor LandBerhad (JLand) dan Damansara Realty Berhad (DBhd)meneruskan keutamaan mereka untukmemperkukuhkan bahagian masing-masing di dalamindustri hartanah. Tanda-tanda pemulihan yangmemberangsangkan dapat dilihat di dalam sektorhartanah hasil dari peningkatan perbelanjaanpengguna kesan dari peningkatan pendapatan yangtinggi dan kadar faedah pinjaman yang rendah.Kesan positif tersebut telah memperkukuhkanprestasi kedua-dua buah syarikat dalam tahun 2004.

JLand meneruskan fokus aktiviti utamanya di dalampembangunan hartanah kediaman dan komersial diPasir Gudang dan di kawasan Perbandaran Ulu Tiramdi Johor Bahru. Ini termasuklah Taman Bukit Dahlia,

Taman Bukit Tiram dan Bandar Tiram di mana nilaipembangunan kasarnya hampir mencapai RM 1bilion. Dengan selesainya pembelian tanah seluas596.52 hektar daripada JCorp di Tebrau, yang dikenalisebagai Bandar Dato’ Onn, JLand kini berada di dalamkedudukan yang strategik untuk menjadi sebuahsyarikat pembangunan hartanah yang utama di Johordan di Malaysia. Prospek Bandar Dato’ Onnmemberikan anggaran nilai jualan kasar berjumlahRM 3.58 bilion dengan keuntungan kasar berjumlahRM 0.92 bilion bagi tempoh 10 hingga 15 tahunbermula dari tahun 2006. Ianya di jangka menjadibandar utama yang dibangunkan oleh JLand di Johoryang bukan sahaja sebagai perbandaran baru yangmempunyai tarikan landskap yang terkenal tetapijuga menjadi satu mercu tanda pembangunanhartanah yang bersejarah.

Bagi tahun kewangan 2004, JLand mencatatkanperolehan sebanyak RM 108.42 juta, iaitupeningkatan yang amat memberangsangkansebanyak 49.68 peratus daripada tahun sebelumnya.Keuntungan sebelum cukai meningkat tinggisebanyak 95.22 peratus kepada RM 36.23 juta.Dengan pertumbuhan yang kukuh bersertapersekitaran luaran yang baik, JLand kini bersediamerebut peluang meningkatkan prestasi dan nilaikepada pemegang saham dalam tempoh dua dekadakan datang dengan adanya simpanan tanahnyayang bernilai tinggi.

Satu lagi syarikat tersenarai di bawah BahagianHartanah JCorp ialah DBhd. Seperti yang dilaporkansebelum ini, pada bulan Disember 2003, JCorp danJohor City Development Sdn Berhad (JCD) yangdimiliki sepenuhnya oleh JCorp telah memilih untukmenukarkan 577 juta saham keutamaan terkumpul

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boleh tebus boleh tukar milik Damansara TownCentre Sdn Berhad (DTCSB). Impak terhadappertukaran ini telah memberi manfaat kepada DBhdmelalui pengurangan tanggungan dan pada masayang sama telah menjadikan JCorp sebagaipemegang saham majoriti dengan pegangansebanyak 99.98 peratus yang kemudiannya menjadisyarikat milik penuh pada tahun 2004. Denganpelaksanaan tersebut, JCorp telah menjadi pemilikkepada 9 blok bangunan pejabat di Pusat BandarDamansara, Kuala Lumpur.

Walau bagaimanapun bagi tahun dikaji, DBhd lebihmemfokuskan kepada sumber dan tenaganyakepada pembangunan Taman Damansara Alif, iaitupembangunan hartanah bercampur yang melibatkanrumah kediaman dan komersial pegangan bebasseluas 93.10 hektar di Johor Bahru dan pembangunanhartanah bercampur seluas 335.90 hektar di BandarDamansara Kuantan.

Bagi tahun kewangan 2004, DBhd mencatatkeuntungan sebelum cukai sebanyak RM 5.43 jutadan perolehan sebanyak RM 123.87 juta. Sumberutama bagi perolehan tersebut adalah daripadaaktiviti pembangunan hartanah dan operasi hotelyang dijalankan oleh DBhd.

JCorp sebagai pemegang saham terbesar syarikatsedang mengkaji pelbagai pilihan untukmeningkatkan nilai pemegang saham danmemastikan DBhd terus menyumbang nilai kepadapemegang saham bagi tempoh jangka panjang.Pilihan untuk mempertingkatkan prestasi kinimenjadi agenda utama kepada JCorp.

Persada Johor International Convention Centre– Mercu Tanda Baru di JOHOR BAHRU

Dalam memenuhi peranan pembangunannyasebagai pemaju utama pembangunan semula bandarraya Johor Bahru, JCorp sejak tahun 90an lagi telahmelaksanakan pengambilalihan tanah strategik ditengah-tengah bandar raya Johor Bahru yangkemudiannya dimajukan menjadi kawasan utamabisnes dan kompleks beli belah. Ini dapat dibuktikanmelalui pembangunan semula kawasan yang dikenalisebagai Kampong Pahang di Johor Bahru yang telahdi bangunkan semula menjadi KOTARAYA yang terdiridaripada Menara Johor Corporation, pusat membeli-belah KOTARAYA, bangunan pintar Menara Ansar danhotel berprestij 5 bintang iaitu Hotel Puteri PanPacific.

Satu lagi langkah baru lagi berani yang diambil olehJCorp bagi menambah senarai hartanahnya ialahpembangunan pusat konvensyen dikenali sebagaiPersada Johor International Convention Centre(Persada Johor) yang bernilai RM 65 juta.

“Persada” ialah perkataan bahasa Melayu yangmerujuk kepada tempat yang tinggi atau tapakkhusus untuk raja bersemayam untuk urusan rasmi;sebuah pentas di mana pertandingan diadakan atautaman di mana untuk bersantai dan beristirahat.

Konsep reka bentuk Persada direka mencerminkanunsur-unsur sejarah dan memaparkan ciri-cirikeislaman serta unsur moden dengan kualitiutamanya melambangkan kekuatan, kesepaduanfungsi. Secara kebetulan tapak tersebut merupakan

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bekas Kem Askar Timbalan Setia Johor (JMF) dan jugatapak awal Bandaraya Johor Bahru.

Upacara pecah tanah Persada Johor telah dirasmikanoleh Menteri Besar Johor pada 2 November 2004.Persada Johor yang mempunyai keluasan 22,950meter persegi di jangka siap sepenuhnya padapertengahan tahun 2006. Ianya memenuhi piawaianantarabangsa dengan menawarkan sebuah dewanutama yang mampu memuatkan seramai 3,500tetamu dalam satu masa, 6 bilik mesyuarat bagimemenuhi 30 hingga 60 tetamu, dewan makandan pameran dengan ruang tempat letak keretayang luas.

Kemunculan Persada Johor dijangka akan memberikesan sampingan khususnya terhadap sektor MICE,pelancongan dan industri hotel di negeri Johorsecara amnya.

Prospek Pembangunan Industri

Beberapa tahun yang lalu terdapat penurunan yangketara di dalam aliran Pelaburan Asing (FDI) yangdatang ke Malaysia kesan dari persaingan sengitnegara China dan rantau Asia. Fenomena ini telahmemberikan cabaran baru kepada sektor bisneshartanah industri JCorp. Walau bagaimanapun,terdapat pemulihan yang stabil ke atas permintaantanah industri dalam tahun 2004 hasil daripeningkatan aliran FDI dan perkembangan bisneskilang-kilang yang sedia ada. Kestabilan politik,penawaran pekerja mahir dan perubahan iklimekonomi yang baik membolehkan Malaysiamengekalkan daya tarikannya.

Ianya dibuktikan melalui pertambahan jualan tanahindustri JCorp dalam tahun di kaji yang menunjukkanpeningkatan sebanyak 66.80 peratus kepada 68.10hektar bernilai RM 49.84 juta. Jumlah tersebutmerangkumi jumlah pelabur-pelabur yang bersetujuuntuk memanjangkan tempoh pajakan mereka untuk30 tahun lagi. Jumlah syarikat yang melabur jugabertambah kepada 28 buah berbanding 21 buahdalam tahun 2003. Dari jumlah tersebut, 71 peratusadalah merupakan syarikat tempatan yang sama adamembuat pelaburan baru atau mempunyairancangan untuk membesarkan kilang.

Johor Bahru masih lagi merupakan lokasi yang dipiliholeh pelabur dengan Kawasan Perindustrian TebrauIII yang dilancarkan dalam tahun 2004 menerimapelaburan bernilai RM 7.64 juta seluas 3.87 hektar.Kawasan Perindustrian Kluang II dan Sri Gading IImenerima pelaburan masing-masing berjumlah 9.49hektar dan 6.26 hektar. Taman Teknologi Johormerekodkan jualan tanah terbesar sebanyak 20.46hektar manakala Pasir Gudang muncul di tempatkedua dengan 10.61 hektar.

Syarikat milik penuh JCorp iaitu TPM-TechonoparkSdn Berhad (TPM-Technopark) merupakan tulangbelakang kepada kejayaan pembangunan industriJCorp. Syarikat tersebut merupakan agen pemasaranyang terlibat di dalam misi dagang untuk menarikmasuk pelaburan dari luar negara danmemperkenalkan Johor sebagai lokasi pilihan bagipelaburan.

Kompleks perindustrian JCorp lain yang penting ialahKompleks Perindustrian Tanjung Langsat (KPTL) yangterletak di selatan semenanjung Negeri Johor,

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dikelilingi oleh Selat Johor di sebelah selatan danperairan Sungai Johor di Timur. Ia merangkumikawasan perindustrian seluas 1,910 hektar yangkhusus untuk penempatan industri berat, sederhanadan ringan berkaitan marin dengan tumpuan utamakepada industri petrokimia dan gas. KPTL jugadilengkapi dengan pelabuhan yang dikenali sebagaiPelabuhan Tanjung Langsat (PTL) yang khusus untukmemenuhi permintaan mengendalikan kargo cairdan petrokimia.

PTL mempunyai kemudahan tambahan dankelebihan logistik yang kukuh kerana ianya terletakdalam masa 30 minit masa pelayaran atau 12 batunautika dari laluan perkapalan antarabangsa danhanya 50 kilometer dari Lapangan Terbang SultanIsmail, Senai yang mana sekarang dibangunkansebagai pusat kargo di rantau ini.

Buat masa ini, pembinaan jeti berbentuk “L” yangmampu mengendalikan kapal bermuatan sehingga30,000 DWT telah siap dibina. Jeti ini boleh dinaiktaraf untuk mengendalikan kapal sehingga 80,000DWT. Segala kemudahan infrastruktur seperti air,elektrik, gas dan kelengkapan pemadam api telahada tersedia. Pelabuhan tersebut telah mulaberoperasi pada awal Januari 2003 dan dijangkakanberoperasi sepenuhnya pada tahun 2008..

Pada awal tahun 2005, PTL telah menandatanganiperjanjian dengan syarikat perdagangan tenaga dankomoditi global iaitu Trafigura Pte Ltd yang bersetujuuntuk menggunakan sepenuhnya 100,000 meterpadu tangki minyak yang akan dibina oleh PTLdengan kos pembinaan berjumlah RM 66.50 juta.Tangki minyak khusus ini dijangka siappembinaannya dalam tahun 2007.

Dengan anggaran tambahan pelaburan lebih dari RM80 juta oleh JCorp melalui syarikat anaknya, PTL akanmembangunkan kemudahan infrastruktur asas danberdasarkan permintaan yang ditunjukkan sehinggasekarang, PTL bersedia untuk meningkatkan perananpembangunan Tanjung Langsat dengan prospekyang membanggakan dan terus menyumbangkepada pertumbuhan industri Negeri Johor. Padamasa yang sama, kejayaan PTL dan KPTL bolehmemberikan perspektif baru kepada prospekpertumbuhan bisnes masa hadapan KumpulanJCorp dan syarikat-syarikatnya yang beroperasi disektor ini.

Pihak Berkuasa Tempatan Pasir Gudang danPelaburan Johor Berhad

Tahun 2004 merupakan ulang tahun yang ke 27 JCorpmentadbir Pihak Berkuasa Tempatan Pasir Gudang(PBTPG). Ini juga menandakan satu mercu tandadalam sejarah korporat JCorp di mana KerajaanNegeri Johor secara rasminya telah melanjutkantempoh pentadbiran PBTPG sehingga Julai 2007.

Lanjutan tempoh tersebut merupakan satupengiktirafan kepada rekod cemerlang JCorp dalampengurusan bandar dan juga merupakankepercayaan dan harapan yang diberikan olehKerajaan Negeri Johor terhadap kebolehan JCorpuntuk menyampaikan nilai kepada masyarakat. Olehitu, PBTPG mempunyai rekod yang cemerlang dalampengurusan bandar melalui pendekatan bisnes dankomersial tanpa membebankan Kerajaan Negeri danpembayar cukai.

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Kawasan pentadbiran PBTPG merangkumi kawasanseluas 31,131 hektar iaitu termasuk kawasan MukimSungai Tiram yang baru sahaja dianugerahkan. Dibawah pengurusan JCorp, kawasan Pasir Gudangtelah dibangunkan menjadi sebuah bandarperindustrian yang paling cepat berkembang.Kejayaan ini sebenarnya telah dijadikan contohsebagai model penswastaan oleh pihak KerajaanPusat. Terdapat lebih daripada 550 syarikatpembuatan beroperasi di Pasir Gudang dan TanjungLangsat yang merangkumi syarikat yang bertarafmultinasional seperti Kumpulan Titan, Idemitsu,Matsushita dan Hitachi.

Pendekatan bercorak bisnes, komersial danpengurusan korporat melalui JCorp telahmenyumbang kepada kejayaannya. PBTPG juga telahmelakar sejarah kerana menjadi pihak berkuasatempatan pertama yang melancarkan Bon IslamMudharabah yang disokong oleh aliran tunai daripungutan cukai. Bon Mudharabah tersebut jugamerupakan bon berlandaskan Syariah pertama didunia. Selepas setahun, Alhamdulillah pada 28Februari 2005, bon tersebut telah diterbitkan denganpenarafan AAA. Penarafan tertinggi tersebut yangdianugerahkan oleh sebuah agensi penarafan diMalaysia secara langsung memberi perakuan kepadakredibiliti dan sumber kekukuhan kewangan PBTPGdi samping kredibiliti pengurusan profesionalnyayang merupakan prasyarat penting yang ditetapkanoleh badan agensi penarafan ini.

Bermula dari sebuah kawasan perindustrian terkenalyang menempatkan syarikat-syarikat gergasi asing,PBTPG kini merupakan kediaman kepada lebihdaripada 100,000 orang penduduk. Dalam usahamembina keutamaan dari perspektif yang teratur dan

mengutamakan komitmen kepada masyarakat,PBTPG telah menukar misinya dari “Bandar IndustriDalam Taman” kepada “Memperkasa Komuniti”dalam tahun 2005.

Melalui tema yang baru tersebut, PBTPG telahmeningkatkan perkhidmatan sosial masyarakatnyadi Pasir Gudang menerusi organisasi sosial danbadan-badan bukan kerajaan yang kini melibatkandiri di dalam beberapa siri kerja-kerja komuniti sosialyang bermatlamat untuk menyelesaikan isu-isumasyarakat setempat di samping memperkasa lagiorganisasi sosial tersebut. Dengan kata lain, usahatersebut dibuat bagi meningkatkan hubungankomuniti ke arah objektif perpaduan nasional danpembangunan sosial.

Pada masa yang sama, pencapaian yang baik telahdirekodkan oleh Pelaburan Johor Berhad (PJB),sebuah lagi anak syarikat milik penuh JCorp yangmelibatkan diri di dalam pengurusan amanah saham.Seperti yang diterangkan pada tahun yang lalu, PJBsedang merangka untuk melancarkan Skim BelianBalik untuk Amanah Saham Johor (ASJ) dan DanaJohor (DJ). Alhamdulillah, Skim Belian Balik Bersyaratyang pertama telah berjaya dilancarkan pada 9Februari 2004 dengan sokongan penuh dari KerajaanNegeri Johor.

Skim tersebut telah memberikan peluang kepadaseramai 160,376 pemegang unit saham ASJ dan DJuntuk menebus semula pelaburan mereka padaharga masing-masing sebanyak RM 1.00 dan RM 0.50seunit. Tawaran harga penebusan ini adalah lebihtinggi daripada harga di pasaran dan hanya terhadkepada 10 peratus daripada jumlah unit saham yangdimiliki atau 500 unit yang pertama yang dipegang

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oleh pemegang unit. Sehingga 31 Januari 2005,seramai 16,908 pemegang unit ASJ dan 1,307pemegang unit DJ telah menerima tawaran skimpembelian balik unit saham mereka.

Seterusnya, skim Belian Balik Bersyarat yang keduatelah berjaya dilancarkan pada 23 Februari 2005.Walaupun terhad, skim ini dibuat oleh JCorp sebagaimekanisme untuk memberikan pulangan segera dankelegaan sementara kepada pemegang unit sambilJCorp meneroka alternatif lain ke arah pemulihansepenuhnya Skim Amanah ini.

Dalam tahun yang di kaji, PJB telah diberikan LesenPengurusan dari Suruhanjaya Sekuriti yangmemberikan peluang kepadanya untukmengembangkan bisnes baru dalam pengurusandana yang dijangka akan meningkatkan lagipendapatan syarikat.

Program Tanggungjawab Sosial Korporat

JCorp mempunyai inspirasi untuk menjadi sebuahkonglomerat Islam sebenar Malaysia denganmenentukan bahawa segala objektif bisnes dankejayaan korporatnya dicapai berlandaskan kepadakaedah dan pendekatan yang selaras dengan prinsipSyariah yang memberi faedah besar kepadamasyarakat terbanyak. Selaras dengan hasrattersebut, JCorp sebagai sebuah institusi korporatbersedia memikul tanggungjawab yang lebih besardan luas bagi mencapai matlamat dan objektifTanggungjawab Sosial Korporatnya (CSR).

Penghasilan nilai, oleh itu mestilah menjangkaupenghasilan ekonomi dan yang paling utama

mestilah diterjemahkan dalam bentuk peningkatanaset dan modal sosial. Dalam kata lain, JCorpmengambil pendirian bahawa setiap entiti bisnesyang beroperasi pada akhirnya mestilah membawaimpak positif kepada masyarakat terbanyak, disamping menyumbang kepada pembangunannegara dan menyalurkan semula faedah kepadamasyarakat dalam bentuk tahap pencapaian sosialyang tinggi serta membawa makna kepadakehidupan. Ringkasnya, Kumpulan JCorp akanmemberi sumbangan yang besar ke arahpenambahan nilai aset dan modal sosial di Malaysiasecara berterusan.

Seperti biasa, JCorp memilih untuk memenuhitanggungjawab korporat sosialnya secara korporatyang meliputi penglibatan keseluruhan KumpulanJCorp dalam usahanya untuk menghasilkan nilaisosial yang lebih bermakna. Sebagai testimonikepada komitmen jitu JCorp dalam memberikantanggung jawab sosial korporatnya, JCorp telah punterlibat di dalam lebih daripada 33 pertubuhan bukankerajaan (NGOs) dan Badan PerkhidmatanMasyarakat (CSO), yang diurus dan diterajui olehanggota pekerjanya dari pelbagai lapisan.Pendekatan JCorp dalam operasi dan pengurusanNGO berbeza dengan yang biasa diamalkan. Secaraumumnya, NGO tersebut beroperasi dan diuruskanberasaskan pendekatan korporat dan komersialdengan kecekapan pengurusan, keputusan danprestasi menjadi ciri yang paling utama ditekankan.

Antara NGO yang menonjol di dalam Kumpulan ialahKlinik Waqaf An-Nur Berhad (KWAN) yang kinimempunyai 4 rangkaian klinik kebajikan di mana 3buah terletak di kawasan masjid-masjid terpilih diNegeri Johor dan sebuah di Negeri Sembilan. KWAN

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merupakan sebahagian program khidmatmasyarakat yang menawarkan perkhidmatanperubatan pakar dengan sokongan kepakaranperubatan dan profesional sepenuhnya daripada KPJHealthcare kepada masyarakat umum danmemfokuskan kepada keperluan golongan yangkurang bernasib baik dari semua kaum, agama danlatar belakang sosial, dengan mengenakan bayaranhanya RM 5.00 bagi setiap pemeriksaan dan ubat.

Semua KWAN dilengkapi dengan Pusat Dialisis yangmenawarkan perkhidmatan pembersihan darahkepada pesakit buah pinggang pada kadar yangrendah. Malah dalam banyak kes, pesakit yangmemerlukan perkhidmatan tersebut bolehmendapatkan kemudahan subsidi sepenuhnya daritabung Baitulmal untuk golongan tidakberkemampuan yang ditadbir oleh Majlis AgamaIslam dan lain-lain badan-badan kebajikan.Penempatan KWAN di dalam kawasan masjid telahdapat memperkembangkan fungsi masjid yang kinibukan sahaja menjadi tempat beribadat. Tegasnya,penempatan KWAN dan Pusat Dialisis tersebut telahmemperkembangkan fungsi masjid melangkauiperkhidmatan pusat kebajikan kepada merekayang memerlukan termasuk golongan bukanberagama Islam.

Berlandaskan kepada konsep Waqaf Islam,penubuhan KWAN didapati sangat efektif dan baikdalam menggerakkan masyarakat untuk mendermayang mana kini, KWAN mampu berdikari danmempunyai kedudukan kewangan yang kukuh. Padamasa sekarang, KWAN sedang berusaha untukmengumpulkan derma bagi pembinaan HospitalWaqaf yang terletak di Pasir Gudang, Johor yangbakal dibina pada tahun 2005.

Sebuah lagi program tanggungjawab sosial korporatJCorp yang utama melalui aktiviti NGO ialahpenyertaannya di dalam Dewan Perdagangan IslamMalaysia (DPIM). Pada masa sekarang, KetuaEksekutif JCorp adalah Pengerusi DPIM CawanganJohor yang secara langsung didokong oleh syarikat-syarikat di dalam Kumpulan JCorp dengan objektifutama DPIM adalah mempromosikan perdagangandan industri. Fokus utama JCorp ialah untukmenggalakkan penglibatan masyarakat Islam dalambisnes dan memantau pembangunan ahli-ahli bisnesdan usahawan Islam di dalam usaha untukmeningkatkan kedudukan ekonomi mereka dalamjangka panjang.

Melalui DPIM, JCorp berusaha untuk membinajaringan bisnes di kalangan usahawan Islam supayamereka dapat melebarkan bisnes mereka melaluiperkongsian bijak . Perkembangan programkeusahawanan juga telah dirancang dandilaksanakan bagi membantu para usahawan Islammembentuk dan memperbaiki kemahiran dan ilmukeusahawanan mereka.

Pada tahun yang di kaji, JCorp di bawah DPIM telahbekerjasama dengan Jabatan Kemajuan IslamMalaysia (JAKIM) dan Institut Kefahaman IslamMalaysia (IKIM) untuk merangka dan menganjurkanpelbagai program di bawah konsep “Islam Hadhari”seperti yang diutarakan oleh Kerajaan.

Program-program CSR JCorp juga telahdikembangkan dan diberi perhatian di dalampengurusan hal ehwal PBTPG. Terdapat keperluanyang tinggi untuk mengintegrasikan penduduk danentiti industri dan sektor bisnes kepada jalinan sosialmasyarakat Pasir Gudang yang lebih besar

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memandangkan pembangunan Bandar Pasir Gudangmasih lagi di peringkat awal untuk menjadi sebuahkomuniti industri yang mana sebahagian besar daripenduduknya adalah terdiri dari mereka yangberhijrah. Di bawah pentadbiran JCorp, terjalinpelbagai NGO dan CSO di Pasir Gudang yang kiniditerajui oleh Dana Bakti atau Pasir GudangCommunity Chest yang ditubuhkan sebagaijambatan di mana syarikat-syarikat yang beroperasidi Pasir Gudang boleh menyumbang kepadakepentingan masyarakat setempat.

CSO lain yang aktif dan memberi sumbangan besartermasuklah Rumah Anak Yatim Darul Hanan yangditubuhkan dan diuruskan oleh Mutiara JohorCorporation, iaitu sebuah Pertubuhan Wanita JCorp.Pelbagai jawatankuasa masjid dan khairat yang aktifmenjalankan kegiatan masing-masing. Manakaladari sudut yang lain pula inisiatif telah diambil olehBadan-Badan Industri, Sukan dan Rekreasi yangmenyaksikan penganjuran beberapa aktiviti diperingkat nasional dan antarabangsa. Salah satuacara tahunan terbesar ialah Festival Layang-LayangAntarabangsa yang meletakkan PBTPG sebagaisebahagian kecil dari pihak berkuasa tempatan yangmampu menganjurkan acara antarabangsa diMalaysia, berserta dengan pembinaan sebuahMuzium Layang-Layang yang pertama dan satu-satunya di negara ini.

Pembangunan Tenaga Insan– Agenda 2020 dan ESOS

Tahap kualiti sering menjadi keutamaan danperhatian utama dalam pengurusan JCorp.

Sesungguhnya keutamaan tersebut telah diserapkandi dalam budaya korporatnya. Kejayaan dankecemerlangan JCorp sebenarnya dibina melalui nilaiyang tinggi dan budaya korporat yang wujud dalametika kerja kuat dan berdisiplin di pelbagai peringkat,ditambah dengan daya usaha berterusan untukmembina prestasi berkualiti. Penggabungan semuausaha, tenaga dan kreativiti kumpulan eksekutif danpengurusnya yang berdedikasi dan bermotivasitinggi lagi profesional di bawah satu kepimpinanJCorp yang berkebolehan, membolehkan JCorpmengharungi segala cabaran termasuklah krisisekonomi di dalam tahun 1997 dengan jayanya.

Perkara yang tidak mungkin dilakukan oleh JCorpadalah hanya berpeluk tubuh. Di dalam suasanabisnes yang dinamik lagi mencabar, kekuatan dalamilmu pengetahuan adalah sesuatu yang perlu adapada diri setiap anggota pekerja. Mereka perlusentiasa berterusan mempertingkatkan pengetahuanmereka di dalam pelbagai disiplin yang relevan bagimenentukan yang mereka dapat menyumbang nilaiyang berterusan di JCorp.

Di dalam tahun yang dikaji, sebanyak 5.72 peratusdari jumlah keseluruhan imbuhan anggota pekerjatelah dilaburkan oleh JCorp untuk program latihandan pembangunan kerjaya yang bertujuan untukmemberikan pembangunan holistik kepada semuaanggota pekerja bagi memenuhi tanggungjawabmasing-masing. Oleh itu, secara puratanya setiapanggota pekerja telah mengikuti sebanyak 44.26 jamlatihan di dalam tahun 2004. Peratusan pekerja yangmengikuti latihan pada tahun 2004 juga bertambahkepada 97.19 peratus berbanding 95.17 peratus padatahun 2003.

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Dalam era K-Ekonomi, JCorp amat menggalakkananggota pekerjanya meningkatkan pengetahuanprofesional mereka melalui tawaran pelbagai insentifkepada mereka yang ingin mengikuti kursusprofesional dan persijilan yang diiktiraf termasuklahACCA, CIMA, ICSA dan CIA. Sebagai tambahan, JCorpdan Kumpulannya telah menawarkan separuhpenajaan kepada 40 kumpulan eksekutifnya bagimengikuti program MBA yang dijalankan olehHenley Management College, United Kingdom,dengan kerjasama Akademi PembangunanIntrapreneur JCorp.

Tahun yang dikaji ini merupakan tahun ke tiga JCorpmengaplikasikan Kunci Indeks Prestasi (KPI) bagimengukur prestasi Kumpulan, JCorp dan jabatannya.Setiap bahagian telah mengenal pasti jumlahbilangan sasaran yang merangkumi prestasikewangan, kecekapan operasi dan penghasilan nilaiyang telah dirangkumkan di dalam MemorandumPersefahaman pada awal tahun ini.

Pencapaian sasaran ini dijadikan sebagai kayupengukur prestasi tahunan yang akan menentukanpembahagian insentif, ganjaran, bonus danpenghargaan bagi seluruh Kumpulan JCorp.

Pada 16 September 2004, JCorp telah melakar sejarahapabila ianya berjaya melancarkan Skim OpsyenSaham Pekerja (ESOS) yang dikenali sebagai “SkimPemilikan Saham Anggota Pekerja JohorCorporation” bagi anggota pekerja yang layaktermasuklah Ahli-Ahli JCorp dan Ahli Pengarah bukanbebas pada peringkat syarikat anak. ESOS JCorp iniberlainan daripada ESOS PLC yang sedia ada keranasetiap anggota pekerja yang berkelayakan akandiberikan sejumlah saham PLC termasuklah saham

Kulim, KPJ Healthcare, Sindora, JLand dan unit-unitsaham ASJ dan DJ milik JCorp. Kelayakan anggotapekerja bergantung kepada kedudukan dan tempohperkhidmatan mereka di dalam Kumpulan JCorp dimana dalam tempoh tersebut, sejumlah 221 oranganggota pekerja telah ditawar untuk melaksanakanskim tersebut dalam jangka masa lima tahun.

Skim ESOS tersebut menunjukkan keprihatinan danpenghargaan JCorp kepada anggota pekerjanyayang berdedikasi dan setia. Selain daripadapenghargaan untuk prestasi yang lalu, ia jugamenjadi satu motivasi yang kuat kepada eksekutif-eksekutif muda dan juga anggota-anggotapekerja untuk bekerja dengan dedikasi di dalammengenal pasti potensi dan membina kerjaya merekadengan JCorp.

Pada tahun yang sama, Skim ESOS PLC yangkonvensional telah dipanjangkan ke syarikat Kulimdan KPJ Healthcare yang memberikan peluangkepada anggota pekerja masing-masing untukterlibat secara langsung di dalam pertumbuhanmasa depan syarikat-syarikat tersebut sebagaipemegang saham.

JCorp melalui Jabatan Pembangunan TenagaInsannya secara berterusan berusaha untukmempertingkatkan perkhidmatan kepada anggotapekerja. Keutamaan kepada pembangunan tenagainsan ini adalah penting bagi memastikan yang JCorpdapat mengekalkan reputasinya sebagai organisasikorporat terbaik. Matlamatnya ialah untuk menarikdan mengekalkan anggota pekerja yang cekap,berkemampuan, berkebolehan dan juga mempunyainilai sikap yang tinggi serta mempunyai integriti. Inijuga adalah bagi memastikan JCorp membina

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suasana bekerja yang selesa untuk seluruh anggotapekerjanya yang seterusnya akan dapatmenyumbang kepada pembentukan anggota pekerjayang setia dan berdedikasi.

Menyedari tentang keperluan untuk memastikankesinambungan kepemimpinan yang berkaliber,JCorp telah melancarkan rancangan pelapiskepimpinan masa depan sehingga tahun 2020melalui pelan yang dikenali sebagai “Agenda 2020”.Melalui kajian analisis dalaman tenaga kerjanya,JCorp telah mengambil keputusan untuk mengambilseramai 21 orang eksekutif pelatih pertama bermulaJulai 2004.

Prestasi Kewangan

Bagi tahun 2004, Kumpulan JCorp telah mencatatkankeuntungan sebelum cukai sebanyak RM 204.72 juta.Keuntungan yang dicapai diperoleh daripada prestasicemerlang kesemua Rangkaian Bisnes Asasterutamanya Bahagian Minyak Sawit, Prisihatin,Intrapreneur Venture, Hartanah dan pelbagai bisnesintrapreneur. Sumbangan besar Bahagian MinyakSawit hasil adalah daripada harga MSM yang tinggiiaitu pada kadar purata RM 1,650 se tan sepanjangtahun manakala Bahagian Prisihatin pulamerekodkan peningkatan prestasi hasil usahapemasaran kepakaran KPJ Healthcare di dalampengurusan hospitalnya. Impak positif daripadaamalan integrasi yang dilaksanakan selepaslengkapnya program penstrukturan semula telahmenyumbang kepada peningkatan dalam perolehansyarikat tersebut.

Di peringkat JCorp pula, dengan bangganya ianyadapat mencatatkan keuntungan sebelum cukaisebanyak RM 254.11 juta. Keuntungan yangdiperoleh adalah hasil dari harga tinggi MSMsepanjang tahun di samping peningkatan jualantanah perindustrian dan keuntungan dari jualantanah Tebrau milik JCorp sebanyak RM 330 jutakepada JLand.

Secara keseluruhannya, prestasi JCorp adalah hasildari keuntungan dari prestasi cemerlang di berbagaipusat keuntungan di samping hasil dari programberkesan integrasi bisnes Kumpulan yangdilaksanakan sejak dua tahun lalu yang bertujuanuntuk mencipta dan meningkatkan nilai pemegangsaham. JCorp kini berada di landasan yang kukuhdan kini bersedia mengambil cabaran dan peluangyang mendatang.

Pengukuhan Skim Intrapreneur Venture JCorp

Skim “Intrapreneur Venture” JCorp mula dilancarkanpada tahun 1999 berdasarkan kepada konsepperkongsian risiko dan ganjaran di antara JCorp dananggota pekerjanya yang diamanahkan untukmengurus dan memacu syarikat yang terpilih melaluipemilikan ekuiti maksimum 25 peratus. Anggotapekerja tersebut pada asalnya merupakan pekerjasepenuh masa JCorp yang kemudiannya digelarsebagai “Intrapreneur” (dikenali sebagai IntrapreneurSME - Skim Milikan Ekuiti) ketika mereka dididik dandilatih di JCorp. Sehingga kini, skim yang berinovasidan berdaya maju tersebut telah menunjukkankejayaan besar dengan bertambahnya syarikat dan

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Intrapreneur yang menyertai skim tersebut setiaptahun serta terdapatnya peningkatan prestasisyarikat-syarikat Intrapreneur tersebut.

Dalam tahun yang dikaji, JCorp mengalu-alukanseramai tujuh intrapreneur baru dan syarikat masing-masing menyertai skim Intrapreneur “RumpunEnterprais” JCorp. Mereka terdiri daripada GenuineVictory Sdn Berhad, iaitu syarikat pengurusanpenternakan udang harimau JCorp, Metro EquipmentSystems Sdn Berhad, iaitu syarikat yangmembekalkan peralatan tempat letak kereta, ProCorporate Services Sdn Berhad, iaitu syarikatpendaftar syarikat serta penyewaan ruang bisnes danTiram Travel Sdn Berhad, iaitu syarikat agensipelancongan. Lain-lain syarikat termasuklah M-Perkasa Services Sdn Berhad, iaitu syarikat bengkelpembaikan kenderaan, Sindora Timber Sdn Berhad,iaitu syarikat berasaskan perkayuan dan CapaianAspirasi Sdn Berhad, iaitu syarikat “Khairat” danagen insurans. Sehingga kini, terdapat 23 buahsyarikat di bawah Skim ini yang melibatkan seramai43 Intrapreneur (termasuk 14 intrapreneur dibawah konsep Usahawan BerkumpulanAquapreneur Sdn Berhad).

Dalam tahun yang dikaji, kesemua syarikatIntrapreneur telah mencatatkan agregat keuntungansebelum cukai yang memberangsangkan iaitusebanyak RM 18.02 juta dengan pendapatanberjumlah RM 199.59 juta. Ianya menunjukkanpeningkatan pendapatan sebanyak 30 peratus.Syarikat-syarikat yang menunjukkan prestasicemerlang ialah Willis, JMF Asset, POBM, MetroParking dan Epasa Shipping Agency Sdn Berhad.

Dalam usaha memperkembangkan Skim ini, JCorpmengambil pendekatan yang lebih agresif bagimengenal pasti jabatan, bisnes dan aktiviti yangberpotensi di dalam Kumpulan dan JCorp untukdiubah menjadi bisnes Intrapreneur. Ianyadilengkapkan lagi dengan pencarian intrapreneurdari luar berkelayakan yang berupayamempercepatkan lagi pertumbuhan danperkembangan skim ini bagi faedah jangkapanjang bersama.

Skim ini juga merupakan strategi JCorp dalammembangun dan membina “Rumpun Enterprais”bagi menghadapi cabaran pacuan pasaran,penguasaan syarikat-syarikat antarabangsa (MNC),suasana bisnes global yang kesemuanya inimencorakkan senario ekonomi semasa. SkimIntrapreneur ini juga mempunyai kebaikan yangtersendiri apabila dijadikan sebagai strategiorganisasi korporat. Ia membolehkan JCorpberkembang dan pada masa yang sama dapatmengekalkan ketangkasan, kefleksibelan dankeusahawanan yang biasanya terdapat di dalamsyarikat-syarikat kecil dan jarang terdapat di syarikat-syarikat besar.

JCorp percaya bahawa Bisnes Intrapreneur akanmenjadi nadi penggerak kepada pertumbuhanmasa depan, dinamisme korporat dan daya kreatifyang perlu untuk perkembangan dankesinambungan JCorp. Oleh yang demikian, jalantelah dibina untuk mempertingkatkan IntrapreneurVenture yang berjaya menjadi bisnes asas JCorp padamasa akan datang.

Syarikat-syarikat tersebut yang telah memenuhikriteria yang ketat yang ditetapkan oleh Sindora

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dalam konsep “Intrapreneur Venture” boleh disuntikdi dalam Sindora. Syarikat-syarikat yang lain pulaboleh dibentuk oleh JCorp untuk menjadi syarikattersenarai secara tersendiri sekiranya perlu. Syarikat-syarikat ini bukan sahaja akan menjadi sebahagiandaripada kumpulan bisnes yang mempunyai laluankepada pasaran modal yang lebih besar bahkanmenjadi sebahagian daripada “Rumpun Enterprais”JCorp yang memberikan mereka kemudahan untukmendapatkan sumber, rangkaian dan jaringan JCorpyang mengagumkan.

Pada tahun 2004, pengurusan dan anggota pekerjalima syarikat Intrapreneur iaitu Willis, Tepak, POBMdan JMF Asset serta Metro Parking telah diberikanpelbagai insentif yang berdaya saing setelah merekamencapai prestasi yang cemerlang. Ini adalah buktiterhadap keupayaan yang boleh dicapai olehseseorang intrapreneur dan sempadan peluang yangluas terbentang melalui Skim yang unik ini.

Prospek

Secara keseluruhannya, ekonomi global pada tahun2005 dijangka bertumbuh pada kadar yang lebihsederhana. Penurunan yang sederhana dalamindustri semi-konduktor global serta harga keluarankomoditi yang lebih baik dijangka menyokongpertumbuhan eksport. Pengeluaran danperdagangan dunia dijangka berkembang denganperlahan pada kadar 4 hingga 5.80 peratus padatahun 2005.

Pertubuhan ekonomi di Asia Timur kecuali Jepundijangka berkembang pada tahap 6.30 hingga 6.50peratus. Perbelanjaan Pengguna dijangka stabil hasil

dari peningkatan pendapatan dan kenaikanperbelanjaan di kalangan kumpulan umur remaja.Permintaan domestik juga dijangka bertahan hasildari sumbangan besar pertumbuhan sumber barudan peningkatan perdagangan serantau.

Dengan pertumbuhan yang positif, prospek bagiekonomi di Malaysia adalah dijangka kekal kukuh,tetapi pada kadar pertumbuhan sederhana di antara5 hingga 6 peratus dalam tahun 2005 berbandingdengan pertumbuhan sebanyak 7.10 peratus padatahun 2004. Sektor swasta dijangka menjadi pemacuutama pertumbuhan sementara sektor Kerajaan kekalberterusan memberi komitmen bagi mengekalkanpertumbuhan ekonomi dengan polisi yangdisasarkan untuk memperkukuh suasana bisnes danekonomi.

Dengan senario tersebut, JCorp dijangkamerekodkan pengekalan prestasi yang baik dalamsemua bisnes Bahagiannya dengan pencapaian yangpelbagai. JCorp akan terus mencari, meneroka danmengambil peluang bisnes baru yang bolehmenyumbang kepada memperkukuh kedudukan danmengekalkan nilai serta pertumbuhan korporatnyamelalui Bisnes Asas dan Intrapreneur Venture.

Dalam tahun mendatang, JCorp akan terusmengukuh dan melaksanakan rasionalisasi bisnesnyayang belum mencapai tahap yang baik dan kukuh.Ini termasuklah kemungkinan penstrukturan korporatPLC dan Bahagian Hartanah. Program ini dijangkadapat mempertingkatkan pengukuhan nilai syarikatdan secara langsung mempertingkatkan namamereka di kalangan pelabur dengan tujuanmengukuhkan prestasi harga saham dan pasaran

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modal syarikat bagi menggambarkan nilai asassebenar mereka.

Siri bon PIPK JCorp yang pertama berjumlah RM371.14 juta akan matang pada tahun 2007.Rancangan telah di atur bagi membolehkan JCorpmenebus semula bon tersebut apabila sampaimasanya. JCorp berkeyakinan untuk menebus semulabon tersebut bagi mengekalkan integrasi korporatdan mempertahan kredibiliti serta reputasi tingginyadi dalam pasaran. Ini adalah penting dalam menciptakeyakinan di kalangan pemegang bon bagipenebusan bon yang seterusnya.

JCorp mempunyai inspirasi mencapai misinya untukmenjadi Institusi Korporat Islam Global yangberasaskan keilmuan dan dipacu oleh sifatkeusahawanan serta mempunyai peranan institusidalam masyarakat. JCorp dijangka dapat mencapaikejayaan dalam mengekal semangatkeusahawanannya melalui pencapaian yangberterusan dalam program pembangunanintrapreneur. Dimensi pacuan keilmuan dapat dicapaijika sekiranya JCorp dapat mempertahankan budayakorporatnya yang dinamik dan sentiasa membuatpembaharuan sebagai organisasi pacuan keilmuan.Oleh itu inspirasi JCorp adalah untuk menjadi entitikorporat Islam bertaraf dunia.

Satu jalan yang dapat diambil oleh JCorp bagimemastikan keberkesanan kewujudannya danperanannya di dalam persekitaran ekonomiberpacukan pasaran ialah dengan mengekalkanstatusnya sebagai GLC (Syarikat Berkaitan Kerajaan)Negeri yang juga dikenali sebagai “OrganisasiAmanah Korporat“. Ianya bermakna pilihan JCorpbukan kepada pendekatan penswastaan manakala

pendekatan Intrapreneur JCorp adalah ke arahtersebut. Pendekatan “Amanah” juga bermaksudbahawa di dalam membina bisnes dan mengumpulkekayaan, JCorp semestinya berterusanmenyumbang kepada masyarakat melalui programCSR yang teratur. Sebenarnya ia telah dilaksanakandan jika sekiranya ianya dilakukan secara berterusan,program CSR JCorp boleh dianggap sebagai satukesinambungan yang “semula jadi” kepada JCorp.

Pada akhirnya, matlamat yang paling utama yangperlu disedari oleh JCorp ialah untuk menjadikannyasebuah “Rumpun Enterprais” yang dapat menambahnilai sosial dan memaksimumkan modal sosialkepada semua warga Malaysia melalui pendekatanInstitusi Korporat yang mampu mengurangkanketidakseimbangan dan kekeliruan di dalammasyarakat serta mengekalkan keadilan sosial. Dalamhal ini, JCorp boleh pada akhirnya memilih untukmembentuk sebagai sebuah Institusi Waqaf. JCorpboleh bertukar menjadi Institusi Korporat Waqaf yangdipacu oleh pendekatan bisnes dan pasaransungguhpun pemilikannya mengikut prinsip-prinsipWaqaf dalam Islam.

Dalam proses penilaian ini, JCorp percaya bahawaWaqaf mampu berdaya maju dan sesungguhnyamenjadikannya sebagai model yang teguh bagipengkorporatan. Ia boleh menjadi organisasi yangberkesan yang memaksimumkan faedahnya kepadamasyarakat terbanyak dalam jangka panjang danberpotensi untuk menyelesaikan isu-isu ekonomi dandilema masyarakat Islam keseluruhannya. Apa yanglebih penting lagi, institusi korporat Waqaf juga bolehmenawarkan satu dimensi baru yang mengagumkankepada usaha pembangunan ekonomi dalam konteks

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persaingan global yang kini didominasi oleh syarikat-syarikat gergasi asing.

Yang jelas, institusi amanah korporat Waqafmempunyai kelebihan berbanding pemilikan sahamindividu dan keluarga. Secara kolektifnya, jikasekiranya institusi korporat Waqaf tersebut ujudteguh di dalam sistem ekonomi sekarang, ianya akanmempunyai berkelebihan dari segi strategi untukmencapai keadilan sosial dan ekonomi yangberkekalan. Institusi Amanah dan Waqaf Korporatmemiliki kekuatan organisasi bagi mengatasi danseterusnya memperbetulkan ketidakadilan danketidakseimbangan sosioekonomi yang terbit darisistem ekonomi kapitalis yang sukar dikawal.

Untuk membuktikan lagi kemantapan dankeberkesanan konsep Waqaf, JCorp telah punmenerokai korporat Waqaf pertama pada Julai 2005.Ini dimulakan dengan mewaqafkan ekuiti agensisyarikat pelancongannya iaitu Tiram Travel SdnBerhad (Tiram Travel) untuk dikembangkan sebagaisebuah entiti Waqaf yang berdaya maju. Pemilikanekuiti JCorp di dalam Tiram Travel (selain daribahagian ekuiti milik Intrapreneur sekarang) telahdipindah milik kepada Kumpulan Waqaf An-NurBerhad, iaitu sebuah syarikat jaminan terhad yangditubuhkan khusus untuk Waqaf korporat.

Pada akhirnya, sebagai sebuah organisasi KorporatAmanah dan Waqaf, JCorp akan memainkan perananpenting di dalam konteks pacuan korporat ekonomiglobal. Kejayaan berterusannya dalam mencipta nilaidan menjana kekayaan di jangka akan menjadipenyumbang besar ke arah menentukan transformasi

Malaysia ke arah status negara maju menjelang tahun2020 tanpa adanya ketidakseimbangan ekonomiyang melampau. Keaktifan JCorp bersama-samadengan organisasi korporat amanah berjaya yanglain, bersama-sama dapat menjadi kubu untukmenentukan pengekalan keadilan ekonomi dansosial di dalam suasana pertumbuhan ekonomi yangdi pacu oleh pacuan pasaran dan bisnes yang hebat.

Penghargaan

Bagi pihak Ahli-Ahli JCorp, kami ingin merakamkansetinggi-tinggi penghargaan kepada YB Dato’ HajiBaderi Bin Dasuki, YB Dato’ Haji Ishak Bin Amin, YBhg.Tan Sri Datuk Abdul Razak Bin Haji Ramli, YBhg. DatukZakiah Binti Hashim dan Encik Hasan Bin Ismail yangtelah bersara dalam tahun yang dikaji di atassumbangan mereka selama berkhidmat sebagai Ahli-Ahli JCorp. JCorp sangat berbesar hati keranamendapat perkhidmatan dari ahli-ahli yangmempunyai ketokohan tersebut.

Kami juga amat berbesar hati dan mengalu-alukanperlantikan YB Dato’ Haji A. Karim Bin Haji Hassan,Pegawai Kewangan Negeri Johor yang baru, YBhgDato’ Mohd Sidek Bin Haji Hassan, Ketua Setiausaha,Kementerian Perdagangan Antarabangsa danIndustri, dan YBhg Dato’ Ahmad Bin Konchong, KetuaSetiausaha, Kementerian Pembangunan Usahawandan Koperasi dan YBhg Dato’ Ab. Khalil Bin Ab Hamid,dari Kementerian Kewangan sebagai ahli-ahli barudalam JCorp.

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Kami juga ingin merakamkan setinggi-tinggipenghargaan kepada Kerajaan Negeri dan KerajaanPusat, anak-anak syarikat dan bersekutu, bank danjuga institusi kewangan di atas kepercayaan dansokongan yang berterusan kepada JCorp sertaKumpulannya dan kami berharap agar sokonganyang diberikan ini akan berterusan pada masaakan datang.

JCorp tidak akan berada di kedudukan sekarangtanpa keyakinan, kesungguhan, kesetiaan dandedikasi yang ada pada setiap anggota pekerjanyasecara langsung dan tidak langsung, dan JCorpsememangnya bertuah kerana mendapat anggotapekerja seperti mereka. Justeru, kami mengambilkesempatan ini juga untuk merakamkan setinggi-tinggi penghargaan kepada setiap anggota pekerjaJCorp dan Kumpulannya di atas kecemerlangan tugasmereka. Kami juga amat berharap secara bersama,kita bersedia menempuhi cabaran mendatangdengan memperbaharui tenaga dan tekad bagimengekalkan tradisi kejayaan dan prestasi JCorppada tahun yang akan datang.

YAB Dato’ Haji Abdul Ghani Bin Othman

YBhg Tan Sri Dato’ Muhammad Ali Hashim

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The Malaysian economy recorded a commendablegrowth of 7.10 percent in 2004. Growth was broad-based with all sectors registering positive indicatorssupported by positive signs of a firm economicgrowth on the global front.

The country’s domestic demand, particularly privateconsumption, continued to sustain growth for fiveconsecutive years, while private investment whichpicked up in the later months of 2003, became moreentrenched, resulting in a private sector led growth.This is evidently the result of effective measuresimplemented by the Government to develop newsources of growth to reduce the nation’s economicvulnerability.

The manufacturing sector remained the majorcontributor, recording a growth of 10.50 percentsupported by expansion in the ICT, financial servicesand the revival in the tourism activities, while theservices sector which recorded a growth of 6 percentremained the major contributor to GDP at 57 percent.

The agriculture sector experienced moderate growthof 2.80 percent on account of lower production ofCrude Palm Oil (CPO) due to a downturn in thebiological yield cycle of oil palm trees. However, CPOprices have performed remarkably well in 2004,averaging RM 1,650 per tonne against RM 1,544 pertonne in the previous year, on the back of supplyshortages in the global vegetable oils and fatsmarkets and continuing strong demand from Chinaand the European Union.

The encouraging external and domestic economicenvironment had therefore enhanced JCorp’s corebusinesses’ performance, spearheaded by its Palm

Oils, Healthcare, Intrapreneur Venture, and PropertyDivisions, and further complemented by theCorporation’s Intrapreneur Businesses.

Sustained high CPO prices and overall improvementin the healthcare services and property sectors hadboosted JCorp’s prof itability and cash flowthroughout the year under review. JCorp hadbenefited greatly from the positive business climate,largely as a result of its past strategic corporatepositioning, especially in terms of its entrepreneurialreadiness. This is complemented further by theprofessional qualities of its top leadership and thecorporate discipline of its key executives and staff atlarge. Other contributing factors included JCorp’sstrong corporate culture, built around proven andtested strong core beliefs and shared values, as wellas its formidable tradition of quality. Bound together,these factors had provided JCorp the thrust anddrive it needed to continue with its business ofcreating sustainable value so critical to its futurecorporate growth.

Motivated by the mission to become one ofMalaysia’s leading corporate organisations, JCorp’scorporate growth and main business thrusts arefocused on enhancing and further developing thebusinesses under its Core Business Divisions. Thesecore businesses are driven by their respective listedentities, all striving and aspiring to become primePublic Listed Companies (PLCs) on Bursa Malaysia.

In addition since the beginning of 2004, JCorp hadrecognised the respective management of the PasirGudang Local Authority (PGLA) and the Unit TrustsSchemes by Pelaburan Johor Berhad (PJB) as newcore businesses of the Corporation. This recognition

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simultaneously reflected JCorp’s identification ofthese two management functions as fundamental tothe Corporation’s corporate mission and institutionalrole. Consequently, the Managing Director of PJB isadmitted as a full member of JCorp’s TopManagement Committee (whilst the PGLA is alreadyrepresented by the Chief Executive Officer of JCorpwho is himself the President of the PGLA).

Delivering Value as the Theme for Core Businesses

While JCorp’s Corporate Restructuring Master Plan(CRMP) tracked along smoothly in the backgroundas per its blue print, JCorp moved forward into theyear of 2004 defining and charting new strategicoptions that had resulted in better performance.

Corporate redef ining and reconceptualisationexercises undertaken since the 1997 crisis and thesubsequent bold measures taken to reorganize,reengineer and restructure had clearly paid the JCorpGroup good dividends. During the year under review,all energies and resources had been focused oncorporate strategic actions needed to enable JCorpto pro-act and effectively respond to the dynamicchanges constantly taking place in the global anddomestic markets. True to form, JCorp had nothesitated to tackle the challenges of managingparadoxes and conflicts, as well as take the hardbusiness decisions needed to continuously add valueand create wealth with the fundamental objective ofcontinuously enhancing and strengtheningcompetitive advantages Group-wide.

Hence, for the year under review, companies Group-wide were made aware of their role to enhance and

improve the value of their respective assets so as tobe in a better position to deliver higher value to allstakeholders. The theme emphasised on harnessingand leveraging on Group-wide assets, both tangibleas well as intangible, corporate critical mass,tremendous business reach and formidable networkstowards continuous and sustainable value creationand wealth generation.

Member companies that had undergone integrationefforts in the previous years were challenged to applycreative and innovative executive actions to realisefull value from business and corporate synergies andcritical mass. As a result, in spite of its Group size,involving 188 operating companies employing morethan 26,000 employees Group-wide, JCorp hadproven that “elephants can and do fly”! It has beenable to achieve this through adopting a deliberateorganisational strategy and corporate structuraldesign that maintain agility, maximize flexibility andcapitalize fully on entrepreneurial drive.

Corporate entrepreneurial drive is particularlyrealised through JCorp’s unique Intrapreneurdevelopment concept and the Intrapreneur VentureProgramme adopted at Sindora Berhad (Sindora).Intrapreneuring had enabled JCorp to seize growthopportunities and build upon entrepreneurshipadvantages of small and medium enterprises tocollectively develop into a formidable and forcefulcorporate entity, hence JCorp’s adoption of a newcorporate label: describing the JCorp Group as a“Community of Enterprises”. This very feature ofdynamism and corporate entrepreneurship hadelevated JCorp Group to be among top-performingcorporate enterprises.

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Intrapreneuring also implies continuous upgradingof knowledge, dissemination of skills and expertiseand selfless sharing of experiences Group-wide thatcan only be successfully achieved within a climate ofhigh level trust and mutual confidence. InstitutingGroup-wide corporate learning and building atreasury of invaluable knowledge and corporatememory is indeed a challenge that can only be bestachieved through adopting a pro-learning attitudefounded upon strong shared core values andcorporate culture.

Indeed, these are among the preconditions andenabling factors to support JCorp’s ultimatetransformation into a trust or “Amanah” corporateinstitution that not only serves the economic needsof society for wealth creation, but also, in the sameeffort, integrate the best in society’s higher valuesinto the lifeblood of corporate practice. Thistransformation process when completed will go along way towards ultimately bridging the economicand social divides often observed to occur in thecontext of a fast-growing business-driven economy.Such divides between the corporate/businesscommunity and society, especially the non-businesscommunity at large, is a common disruptive featureof economies and societies structured on theunbridled capitalistic and corporate-driven model.

In the meantime, corporate integration andsynergising efforts were continued at operatinglevels, consequent upon the same restructuring andintegration exercises initiated. Several of theseexercises had in fact been completed within the JCorpGroup in the year under review while others are stillon-going.

Kulim Malaysia Berhad

For Kulim Malaysia Berhad (Kulim), the year 2004witnessed the successful completion of severalimportant corporate exercises, all with theinterlocking theme of delivering value tostakeholders, building for the future and improvingcorporate governance and transparency. The yearwitnessed Kulim acquiring 100 percent equity in EPAManagement Sdn Berhad (EPA) in July 2004. Withthis acquisition Kulim is in full control over themanagement of its own estates and at the same timeexpanding its land bank of oil palm plantation by62,226 hectares to a total of 148,460 hectares.Simultaneously, Kulim also acquired 62.03 percentequity interest in Kumpulan Bertam Berhad, anotheroil palm plantation company previously owned byJCorp which was further increased to 92.99 percentby the end of 2004.

The year 2004 was indeed another outstanding yearfor the Palm Oils Division. It recorded considerableimprovement from the previous year, notably interms of profits and cash flow, precipitated by theinter-play of both external and internal factors.The results allowed Kulim to continue to makepositive contributions to the JCorp Group and alsoserved as another milestone in the Division’stransformation agenda.

For the year under review, Kulim recorded a turnoverof RM 1.45 billion, a remarkable increase of 41.48percent whilst its pre-tax profit leaped to RM 284.88million, recording a commendable 43.37 percentincrease supported by positive contribution from allits major subsidiaries.

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December 2004 marked yet another importantmilestone in the Division’s corporate history when aJoint Venture Agreement was signed between Kulimand TopPlant Sdn Berhad to form a 60:40 jointventure known as Kulim TopPlant Sdn Berhad. Thejoint venture was a strategic move to tap thesynergistic potential offered by the unique set ofresources and capabilities of both parties indeveloping a large-scale tissue culture operation. Thisbackward integration intended to produce superiorclonal oil palm represents yet another value-addition-via-productivity-increase strategy, from which anincrease in Fresh Fruit Bunch (FFB) yield of 25 to 30percent and an Oil Extraction Rate (OER) incrementby an additional 2 to 3 percent can be anticipated.

With concerted effort from all quarters, 2004 saw amarked increase in the OER to 19.30 percentcompared to 18.70 percent recorded in the precedingyear. In comparison, Kulim’s kernel extraction raterecorded an average of 5.60 percent, a slight increasefrom 5.50 percent a year ago.

Kulim’s FFB production in Indonesia increased by11.40 percent to 146,148 tonnes, in tandem with theincrease in total planted area to 24,874 hectares orby 9.30 percent from 22,765 hectares previously. Onan annualized basis, FFB production grew 11 percentin 2004, with yields of 9.32 tonnes per hectare,reflecting the young age profile of the plantations.Total revenue generated by the Indonesianoperations increased to RM 64.50 million in 2004,an impressive 178 percent increase from RM 23.20million recorded in the preceding year partly due tocontribution from EPA’s subsidiary companies.

The year 2004 also saw Kulim commissioning its firstpalm oil mill in Lahat, Sumatra. Apart from FFB fromthe Division, the mill also secured FFB supplies fromneighbouring estates. For the year under review,the mill recorded a modest pre-tax profit of RM2.60 million.

Commendable performance was also recorded byKulim’s subsidiary in Papua New Guinea, namely NewBritain Palm Oil (NBPOL). Its operations generated atotal revenue of Kina 392.30 million (RM 494.30million), an increase of 15.30 percent from thepreceding year. At the operating level, NBPOL posteda pre-tax profit of Kina 126.30 million (RM 158.76million) in 2004, a 16 percent increase over thepreceding year. The record performance wasprimarily attributed to higher fruit yields from boththe estates and the smallholder sectors and betteroil prices.

As part of its diversification strategy to shield itselfagainst the uncertainties of CPO price volatility, Kulimhas further entrenched itself into the oleo chemicalssector. Capitalising on Malaysia’s strategic advantageas the world’s leading exporter of palm oil-based oleochemicals, Kulim through its subsidiary NaturalOleochemicals Sdn Berhad (NatOleo), had sincetripled its oleo chemicals production capacity over aperiod of just 2 years.

It was indeed another challenging year for thecompany’s oleo chemical operations. Ever increasingcompetition from local and overseas producers andhigh raw material prices experienced in 2003 hadcarried through to year 2004.

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Nevertheless, Kulim is pleased that NatOleocontinued to achieve its optimal capacity utilizationof 150,000 tonnes per annum for the period underreview. The result was a record turnover of RM 477.65million in 2004, a commendable increase of 44percent over the RM 332.39 million recorded in theprevious year. The company recorded a pre-tax profitof RM 16.34 million in 2004, against RM 24.93 millionin 2003. Currently, NatOleo is in the process ofconstructing its third fatty acid plant. Uponcompletion it will raise NatOleo’s capacity to processto 380,000 tonnes of palm oil, hence transformingNatOleo into the largest oleo chemical processingplant in the world situated on a single location.

Kulim’s expansion programmes and thestrengthening of its business foundations are far fromcomplete and the Division’s resources will be furthermobilised to sustain its business-driven growthmomentum until Kulim emerges into a premier oilpalm plantation company not only in Malaysia, butregionally.

KPJ Healthcare Berhad

As for KPJ Healthcare Berhad (KPJ Healthcare), JCorp’shomegrown healthcare company’s restructuringexercise which was completed in 2003 had succeededin entrenching KPJ Healthcare as the market leaderin Malaysia’s private healthcare business sector,operating a total of 13 specialist healthcare hospitalsin Malaysia. KPJ Healthcare is therefore wellrepresented in most major cities in Malaysia and alsohas a regional presence, managing 2 hospitals inIndonesia. Its market leadership position is furtherunderlined by 1,441 licensed beds, served by highly

experienced, professional, skillful and well-trainedmedical consultants, 272 of whom are resident andanother 118 visiting medical consultants; furthersupported by 4,500 nursing staff, paramedics andancillary staff. The Division offers a range of specialistservices to include diagnostic, curative, therapeutic,rehabilitative and preventive medicine andspecialised treatment in interventional cardiology,cardiothoracic surgery, oncology, radiotherapy,neonatology, among others.

In 2004, through its network of hospitals, KPJHealthcare had served 1,078,933 outpatients and108,898 inpatients compared to 985,231 outpatientsand 101,596 inpatients in 2003. The year underreview also witnessed the landmark opening of KPJHealthcare’s new hospital in Seremban, a joint ventureeffort with the state Islamic Religious Department ofNegeri Sembilan.

In the year under review, KPJ Healthcare registered agrowth in revenue to RM 583.40 million, an increaseof 14.50 percent from the previous year’s revenue ofRM 509.52 million. Commensurably, the Divisionrecorded a commendable increase of 27.07 percentin pre-tax profit of RM 40.65 million, compared toRM 31.99 million in the previous year. This remarkableachievement is due to the integrative acquisitionprocess as well as the continued support and, mostimportantly, confidence and trust especially amongMalaysians at large on KPJ Healthcare’s capabilities.

Pursuing an expansionary strategy to strengthen itscore activity as a specialist healthcare service providerand to capture a larger market base, KPJ Healthcareshall soon be commissioning the Rumah Sakit Bumi

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Serpong Damai, in Jakarta, Indonesia in addition toits already two private hospitals there.

Simultaneously, in October 2004 KPJ Healthcare hadalso entered into an agreement with the UnitedGroup Ltd, Dhaka, Bangladesh to commission,provide healthcare technical expertise and managethe Continental Hospital in Dhaka, Bangladesh. Thehospital will house 450 beds equipped with generaloperation theatres, cardiac operation theatres, acatheterization laboratory, birthing suites, deliverysuites, an intensive care unit, oncology services,diagnostic imaging services, dental services and othersupport services. The Continental Hospital isscheduled to be fully operational by December 2005.

KPJ Healthcare’s continuous quest in providing itscustomers and patients with quality and excellentservice is strongly supported by comprehensiveQuality Improvement Programme and activities. KPJHealthcare is the f irst company in Malaysia’sHealthcare Industry to achieve hospital-wide ISOcertification in 1999, since the launching of it’s firstpilot project in 1996. Today, KPJ Healthcare can takepride and reap the rewards from these efforts when8 out of 10 hospitals owned directly by the KPJHealthcare Group continued to be certified with MSISO 9001:2000, alongside with two of KPJ Healthcare’ssupport companies namely Pharmaserv Alliances SdnBerhad and Lablink Sdn Berhad.

Intrapreneur Venture Division

The Intrapreneur development concept of corporateentrepreneuring initiated and successfullyimplemented by JCorp, one that has become a part

of JCorp’s very own corporate identity, has now beenelevated to a new level going forward. This new levelis achieved when Sindora adopted IntrapreneurVenture as its new core business driving its futurecorporate growth to new heights.

Alhamdulillah, Sindora’s Intrapreneur Venturebusiness is fast proving its worth, not only towardsbuilding an impressive track record in contributingto Sindora’s own corporate growth and expansion.Through Intrapreneur Venture, business executivesas well as small and medium enterprises are offerednew entrepreneurial opportunities that allow themto latch on, leverage and access to resources, reachand network of Sindora as a public listed corporateenterprise. The Intrapreneur Venture concept is alsonoteworthy as a novel, market-driven approach indeveloping entrepreneurial talent that augurs wellfor making a success of Malaysia’s national aspirationto develop Bumiputera entrepreneurs.

During the year under review, Sindora had acquiredanother Intrapreneur Venture company from JCorp,namely Metro Parking (M) Sdn Berhad (MetroParking), the biggest car park management companyin Malaysia. This was accomplished through theacquisition of 750,000 shares representing 75 percentequity in Metro Parking for a consideration of RM6.38 million.

Metro Parking is the f ifth Intrapreneur Venturecompany acquired under the Intrapreneur VentureBusiness. Metro Parking, through its varioussubsidiaries in Malaysia, Singapore, Brunei, Indonesiaand Philippines, manages a total of 73,600 parkingbays in 167 locations. It had also recently expandedinto the distribution of parking equipments and smart

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card systems through its subsidiary Metro EquipmentSystem (M) Sdn Berhad. This acquisition exercise isexpected to contribute significantly to Sindora’srevenue and earnings in the coming years.

In addition, Sindora’s own subsidiary, the companythat operated its core timber business namelySindora Timber Sdn Berhad (Sindora Timber) wastransformed into an Intrapreneur Venture entity,consequent upon Sindora Timber’s key executivewho was in charge of its operations being offered ashare ownership stake under the IntrapreneurVenture Scheme. With this transformation, theTimber Business is re-classified as an IntrapreneurVenture Business with effect from the year 2005 andSindora’s corporate structure is now divided into twoprincipal business thrusts, namely the PlantationBusiness and Intrapreneur Venture Business.

Sindora‘s change in business model had furtherenhanced its performance and brought outstandingresults in 2004. In the year under review, the companyrecorded a remarkable jump in turnover to RM 138.68million, a commendable 57.10 percent increase fromthe previous year. Sindora’s pre-tax profit escalatedby a formidable 102.10 percent to RM 19.47 million.This very substantial and significant increase inperformance certainly reinforced the validity andcredibility of the Intrapreneur Venture Business as anew dimension to Sindora’s business model andjustifies the strategic shift taken.

Intrapreneur Venture Business as Sindora’s principalgrowth driver accounted for RM 8.59 million or 44.10percent of Sindora’s pre-tax profit from a totalrevenue of RM 54.36 million. All of Sindora’sIntrapreneur Venture companies showed

improvement in profitability with Willis (Malaysia)Sdn Berhad (Willis) contributing RM 4.14 million,followed by JMF Asset Management Sdn Berhad (JMFAsset) with RM 2.70 million, Pro-Office Bulk MailingSdn Berhad (POBM) with RM 2.13 million and TepakMarketing Sdn Berhad (Tepak) with RM 461,129.

The acquisitions of five highly profitable and dynamiccompanies under its wings had enabled Sindora toreduce its dependency on traditional commodity-based products of the palm oil and timber businessand shift to a more diversif ied revenue base.Acquiring companies with growth potential wouldcushion Sindora against the long term inevitabledecline in timber-based business. This augurs well asthe Division’s fundamental role is to stimulate higherearnings, enhance value and maximise future returnsto all stakeholders.

Johor Land Berhad

JCorp’s Property Division under Johor Land Berhad(JLand) and Damansara Realty Berhad (DBhd)continued to focus on strengthening their respectivepositions in the industry. The encouraging signs ofimprovement seen in the property sector poweredby increase in consumer spending due to higherdisposable incomes and low borrowing rates hadfurther improved the performance of bothcompanies in 2004.

JLand continued to focus its main activities on thedevelopment of residential and commercialproperties, mainly around the Pasir Gudang and theUlu Tiram Township areas in Johor Bahru. Theseinclude Taman Bukit Dahlia, Taman Bukit Tiram and

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Bandar Tiram which promised an aggregate grossdevelopment value of more than RM 1 billion. Withthe completion of the purchase of 596.52 hectaresof land in Tebrau from JCorp, designated as BandarDato’ Onn, JLand is now strategically positioned tobe transformed into Johor ’s top propertydevelopment companies, and one of the marketleaders in Malaysia. The prospective Bandar Dato’Onn carries an estimated gross sale value of RM 3.58billion providing a gross profit of RM 0.92 billion forthe next 10 to 15 years beginning from the year 2006.Its development is envisaged to become JLand’spremier township in Johor, one that would indeednot only become a new, prominent developmentlandscape but also a historically significant propertylandmark as well.

For the financial year 2004, JLand recorded revenueof RM 108.42 million, a remarkable 49.68 percentincrease from the previous year. Pre-tax profit leapedby 95.22 percent to record an outstanding RM 36.23million. Against such strong growth and expectedfavourable external environment, JLand is geared totake advantage of the very promising land banksthat it holds to elevate itself towards creating bettervalue for its shareholders within the next two decades.

Another listed company under the Property Divisionof JCorp is DBhd. As reported previously, onDecember 2003, JCorp and Johor City DevelopmentSdn Berhad (JCD) a wholly owned subsidiary of JCorphad chosen to convert an aggregate of 577 millionredeemable convertible cumulative preferenceshares (RCCPS) in Damansara Town Centre SdnBerhad (DTCSB) then a subsidiary of DBhd into 577million ordinary shares of DTCSB. The impact of theconversion was most beneficial to DBhd under the

circumstances and at the same time had made JCorpthe majority shareholder of DTCSB with 99.98 percentshareholdings, which subsequently became a whollyown subsidiary of JCorp in 2004. This exerciseconsequently made JCorp the effective owners of 9blocks of office buildings in Damansara Town Centre,Kuala Lumpur.

Nevertheless, for the year under review DBhdfocused its resources and energies on thedevelopment of Taman Damansara Aliff, a mixedresidential and commercial freehold property of93.10 hectares in Johor Bahru and also thedevelopment of 335.90 hectares mixed property inBandar Damansara Kuantan.

For the financial year 2004, DBhd registered a pre-tax profit of RM 5.43 million from a turnover of RM123.87 million. The profit was mainly attributable toproperty development activities and hotel operationsundertaken under its Group.

JCorp is duty bound, as a majority shareholder ofthe company, to explore avenues to enhanceshareholder value and ensure that DBhd contributetowards sustaining value creation for the long termbenefit of all shareholders. Options that will leadtowards such a turnout for DBhd will therefore beon top of JCorp’s agenda going forward.

Persada Johor International Convention Centre– A New Landmark in Johor Bahru

In fulfilling its development role as the prime moverof the redevelopment of Johor Bahru’s inner city,JCorp had since in the early nineties gone on an

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acquisition stunt to acquire prime lands especially inthe heart of Johor Bahru to subsequently bedeveloped into new prime business areas and urbanshopping complexes. This is evident in thedevelopment of the area once known as KampongPahang in Johor Bahru, currently transformed intoKOTARAYA, encompassing the Menara JohorCorporation and its KOTARAYA shopping mall, theintelligent office building Menara Ansar and theprestigious 5-star Puteri Pan Pacific Hotel.

One of JCorp’s latest bold moves to add to itsproperty portfolio is the development of a RM 65million convention centre known as the Persada JohorInternational Convention Centre (Persada Johor).

“Persada” is a Malay word which refers to an elevatedplace or a pedestal fit for a King to sit and conductofficial matters; a stage where a contest is conductedor a garden where one seeks pleasure or to rest.

The design concept of Persada Johor was adoptedto reflect historical elements and encompass Islamiccharacteristics as well as modern features withdominant qualities to symbolise strength, integrityand functionality. Incidentally, the site on which itstands was the former Johor Military Force Camp,and it is also the site of early remnants of Johor BahruCity.

The Ground Breaking Ceremony for the PersadaJohor was officiated by the Chief Minister of Johoron 2 November 2004. Expected to be completed inthe middle of 2006, Persada Johor has a built-up areaof 22,950 square metres tailored to meetinternational standards, offering one mainconvention hall capable of fitting 3,500 delegates at

once, 6 meeting rooms to fit between 30 to 60delegates, a banquet hall and an exhibition hall withample parking bays for cars and buses.

The presence of Persada Johor is expected to havetremendous spillover effects especially to the MICEsector, tourism and hotel industry in the State of Johorgenerally.

Industrial Development Prospects

For the past few years, there has been a significantdeclining trend in Foreign Direct Investment (FDI)coming to Malaysia due to stiff competition fromChina and other East Asian region. This phenomenonposes a new challenge to JCorp’s Industrial propertybusiness sector. There was, however, a steady recoveryin the demand for industrial land in 2004 as a resultof the increase in FDI inflows and expansion of theexisting factories. Political stability, abundant localskilled workers and improved economic environmenthas managed to sustain Malaysia’s attraction.

This is reflected in the increase in the sale of industrialland by JCorp during the year, a jump by 66.80percent to 68.10 hectares valued at RM 49.84 million.The total area is inclusive of investors that haveagreed to extend the lease period for another 30years. The number of companies investing had alsoincreased to 28 compared to 21 in 2003. Of these,71 percent are local companies with new investmentsor plans to expand existing factories.

Johor Bahru is still the preferred location by investorswith Tebrau III Industrial Area launched in 2004receiving investments worth RM 7.64 million for 3.87

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hectares. Kluang II and Sri Gading II Industrial Areasreceived investments for 9.49 hectares and 6.26hectares respectively. Johor Technology Parkregistered the largest area sold with 20.46 hectareswhile Pasir Gudang Industrial Complex emergedsecond with 10.61 hectares.

JCorp’s driving force behind the success of itsindustrial development programme is its whollyowned subsidiary TPM-Technopark Sdn Bhd (TPM-Technopark). The company which is the marketingagent for the Corporation, is constantly involved intrade missions to lure more investment from abroadand to introduce Johor as the preferred locationfor investment.

Another prominent Industrial Complex developed byJCorp is the Tanjung Langsat Industrial Complex(TLIC) which is situated on the southern region ofthe Johor State, bounded by the Straits of Johor inthe south and the Johor River Basin in the east. Itcovers an area of 1,910 hectares of industrial landmeant for heavy, medium and light marine relatedindustries with focus on petrochemicals and oil andgas industries. The TLIC is also complemented bythe Tanjung Langsat Port (TLP), a specialised anddedicated port with the facilities and capacity tomeet the demand for petrochemicals and bulk liquidcargo handling.

Located within 30 minutes of steaming time or 12nautical miles from the international shipping lanesand only about 50 kilometres from Sultan IsmailAirport, Senai which is now being developed as anair cargo hub in this region, gives TLP addedaccessibility and strong logistical advantages.

Currently, the construction of the L-shaped twin berthjetty capable of handling vessels up to 30,000 DWThas been completed. The jetty can be upgraded toaccommodate vessels up to 80,000 DWT. Allinfrastructural back-up amenities such as watersupply, electricity, gas and fire hydrant equipmentare readily available. The port has commenced partialoperations in January 2003 and is expected to befully operational by year 2008.

In early 2005, TLP had entered into an agreementwith a major global energy and commodities tradingcompany Trafigura Pte Ltd to commit on the fullutilisation of the RM 66.50 million 100,000 cubicmetres tank farm planned to be built by TLP. Thespecialised tank farm is expected to be completedin year 2007.

With an estimated additional investment of morethan RM 80 million by JCorp through its subsidiaryTLP to develop all necessary port facilities andsupporting infrastructure, and based on interestsgenerated to date, TLP is set to enhance Pasir Gudangand Tanjung Langsat’s developmental role, withtremendous prospects for further contributing toJohor’s industrial development and growth. At thesame time, TLP and TLIC’s success will add freshperspectives to the future business growth prospectsfor JCorp Group and all its companies operating inthis business sector.

Pasir Gudang Local Authority and PelaburanJohor Berhad

The year 2004 marked the 27th anniversary of JCorp’sadministration of the Pasir Gudang Local Authority(PGLA). It also marked yet another milestone in

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JCorp’s corporate history, as the Johor StateGovernment had off icially granted JCorp anextension to administer PGLA until July 2007.

This extension is recognition for JCorp’s track recordof outstanding performance in managing thetownship as well as the trust and faith of the JohorState Government in its ability to sustain deliveringvalue to the community. Indeed, PGLA has theenviable track record of managing the township allthese years on a commercial and business-drivenapproach, without burdening the State and taxpayers.

To date under JCorp, PGLA administers an area of31,131 hectares encompassing the newly grantedMukim Sungai Tiram area. Under the helm of JCorp,the Pasir Gudang area has developed into one ofthe most successful industrial townships in Malaysia.This success had in fact resulted in PGLA being oncehailed by the Federal Government as a nationalmodel for privatisation of local authoritymanagement. The Pasir Gudang and Tanjung LangsatIndustrial Complexes house more than 550manufacturing companies including many renownedmulti-national global industries like Titan Group,Idemitsu, Matsushita and Hitachi, to name a few.

The business-like, commercial oriented, corporatemanagement approach of JCorp in administeringPGLA had contributed greatly to PGLA’s success. Itis in this light that, in the year under review, PGLAhad made history by being the first ever Malaysianlocal authority to issue a Mudharabah Islamic bondbacked by PGLA’s industrial assessment collections.The Mudharabah bond is also the first of its kind inthe world. After over a year of hard work ,Alhamdulillah, on 28 February 2005, the bond was

finally issued with a triple A rating. The triple A ratinggranted by a reputable rating Agency in Malaysiaacknowledged PGLA’s credibility and f inancialstanding as well as its professional managementcapabilities - all among the stringent criteria set bythe rating agency.

From an area famous for its industries and a list ofrenowned corporate citizenship, PGLA is now alsohome for more than 100,000 residents. In order toset its priorities in a proper perspective andemphasise its commitment to the Community, PGLAhas, in 2005, changed its long standing mission of“Bandar Industri dalam Taman” to “MemperkasaKomuniti” (Empowering the Community).

Following through on this new theme, PGLA hadharnessed social energies and mobilized PasirGudang society through its social organisations andNGOs, involving them in a series of social andcommunity activities aimed at empowering socialorganisations to address and resolve local communityissues. Needless to say, such efforts are f inallydesigned to enhance community bonding towardsthe realization of national unity and socialdevelopment objectives.

On the other hand, further progress were alsorecorded by JCorp’s Unit Trust managementsubsidiary, Pelaburan Johor Berhad (PJB). As reportedpreviously, PJB was planning to launch the PriceRevival Scheme for Amanah Saham Johor (ASJ) andDana Johor (DJ). Alhamdulillah, the first ConditionalPrice Revival Scheme was successfully launched on 9February 2004, with full endorsement from the JohorState Government.

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The Scheme presented an opportunity for 160,376unit holders of ASJ and DJ to redeem theirinvestments at a redemption price of RM 1.00 andRM 0.50 per unit, respectively. The offer, atredemption prices higher than the then prevailingmarket prices, were limited to 10 percent of the totalunit holding or the f irst 500 units held by therespective unit holders. As at 31 January 2005, atotal of 16,908 unit holders of ASJ and 1,307 unitholders of DJ had accepted the offer and redeemedtheir units.

Subsequently, the second consecutive ConditionalPrice Revival Scheme was launched on 23 February2005. Though relatively restrictive, this ConditionalPrice Revival Scheme was developed by JCorp as amechanism to provide immediate and temporaryrelief to the unit holders while JCorp explore otherviable options towards full recovery for both unit trustschemes.

In the year under review, PJB was also awarded theFund Management License by the SecuritiesCommission which allows the trust fund managementcompany to expand its business into fundmanagement, thus presenting PJB with an additionalopportunity to expand its sources of income.

Corporate Social Responsibility Programmes

As JCorp aspires to develop into a leading Corporateentity with a Malaysian Identity, the Group is veryconscious of its responsibilities to ensure that itsbusiness objectives and corporate success are

achieved based on methods and approaches that arealigned with Islamic and universal values with theoutcomes also resulting in spillover effects beneficialto the society at large. Thus, JCorp adopts a muchbroader dimension to its institutional obligations inmeeting with the aims and objectives of corporatesocial responsibility (CSR).

Value creation must therefore extend beyond theeconomic and must ultimately be translated intoimprovement in value of social assets and socialcapital. JCorp subscribes to the view that corporationsmust finally bring positive impact through enrichingthe larger community, contributing to nation buildingas well as giving back to society in terms of higherlevels of social achievements and greater significanceand meaning to life. In short, JCorp and its membercompanies are expected to contribute significantlytowards adding value to Malaysia’s social assets andsocial capital on a sustained basis.

As always, JCorp chooses to render its CSR obligationsentrepreneurially, involving the total JCorp Group inan effort to produce a more meaningful social valuecreation. Testimony to JCorp’s solid commitment tothe discharge of its CSR, JCorp is involved in as manyas 33 Non Government Organisations (NGOs) andCivil Society Organisations (CSO), many initiated,managed and often directly led by its own people atall levels. JCorp’s approach to the operation andmanagement of these NGOs is also contrary to whatis conventionally practiced. These NGOs aregenerally operated and managed strictly oncorporate and “commercial” principles with efficiency,effectiveness, results and performance being theiroutstanding features.

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Among the more significant NGOs within the Groupis the “Klinik Waqaf An-Nur Berhad” (KWAN), whichthus far has a network of 4 charity clinics, 3 locatedat selected mosques in the State of Johor and anotherin Negeri Sembilan. KWAN is part of an outreachprogramme extending the privileges of medical andhealthcare services with full professional backing ofKPJ Healthcare to the public at large, focusing onthe needs of the less fortunate from all ethnic andreligious backgrounds in society, charging a meagreRM 5.00 per consultation inclusive of medicine.

All KWAN clinics are complemented by DialysisCentres that offer registered patients suffering fromkidney failure, blood cleansing services at subsidisedrates. In fact in many cases, needy patients can haveaccess to total subsidies extended by Baitulmalfunds for the poor administered by the JohorIslamic Religious Council or other charitableorganisations. The deliberate choice of locatingKWAN in the surroundings of mosques is also a movetowards expanding the latter’s function beyond thetraditional practice of mosques serving purely ascentres for spiritual pursuits and congregationalprayers. KWAN clinics and dialysis centres are turningmosques to also serve as community centres thatalso extend services to the needy from among nonMuslims as well.

Based on the Waqaf or Islamic endowment concept,the creation of KWAN is found to be highly effectiveand instrumental in mobilising voluntary donationsfrom the public, contributing further to its futureviability as a powerful financially self-reliant socialoutreach programme. Currently, KWAN targets tocollect enough donations to build a full fledge charity

waqaf hospital to be located in Pasir Gudang, Johor,to be constructed in 2005.

Another of JCorp’s signif icant CSR programmethrough NGO activities involves JCorp’s participationin the Corporate Bureau of the Malaysian IslamicChamber of Commerce (DPIM). The Chief ExecutiveOfficer of JCorp is currently the Chairman of DPIMJohor Branch, hence involving JCorp and its Groupof companies directly into realising DPIM’s principalobjective of promoting trade and industry. JCorp’sspecial focus would be on encouraging greaterbusiness participation among the Muslim businesscommunity and facilitating the development ofMuslim businessmen and entrepreneurs to spearheadimprovement in their long-term economic position.

Through DPIM, JCorp strives to build businessnetworks amongst Muslim businessmen to enablethem to expand their businesses through smartpar tnerships. Entrepreneurial developmentprogrammes are also planned and organised to helpMuslim Entrepreneurs develop and improve theirentrepreneurial skills and knowledge.

In the year under review, JCorp under DPIM hadcollaborated with Jabatan Kemajuan Islam Malaysia(JAKIM) and Institut Kefahaman Islam Malaysia (IKIM)to plan and organise numerous programmes underthe “Islam Hadhari“ concept as promoted by theGovernment.

JCorp Group’s CSR programmes are also extendedto and have also been made the focus of attentionin the management of the affairs of the PGLA. As thePasir Gudang township is still in the formative stagesof development into an industrial community

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involving a large segment of in-migrants, there isgreater need to integrate the residents as well as theindustrial and business sector into the social fabricof the larger community of Pasir Gudang. UnderJCorp’s administration, Pasir Gudang today boasts awide range of CSOs and NGOs, spearheaded by DanaBakti or Pasir Gudang Community Chest which formsthe bridge through which companies and industrialestablishments operating in Pasir Gudang cancontribute to community interests.

Other active and high performing CSOs include theDarul Hanan Orphanage established and managedby Mutiara Johor Corporation, the JCorp’s All LadiesAssociation. The various Mosques and KhairatCommittees are also active with their respectiveprogrammes, whilst at the other end of the spectrumPasir Gudang bears witness to initiatives taken byIndustrial, Sporting and Recreational Bodies inenhancing its overall image and standing, with thelatter hosting several national as well as internationallevel activities. One such highly regarded annualaffair is the Pasir Gudang International Kites Festivalthat has placed Pasir Gudang as one of the very fewLocal Authorities in Malaysia regularly hosting suchan international event, complemented by theestablishment of Malaysia’s f irst and only KitesMuseum in Pasir Gudang.

Human Resource Development - Agenda 2020and JCorp’s ESOS

Quality has always been the top priority and in theforefront in JCorp Management’s attention. Indeed,it has become entrenched into the Corporation’scorporate culture. JCorp’s enviable track record of

success has in fact been build around core valuesand corporate culture embodying strong work ethicsand high commercial discipline at all levels, coupledwith the single-minded pursuit for qualityperformance. Combined with the total effort, energyand creativity of its team of dedicated and highlymotivated executives, professionals and managersunder able and selfless leadership, JCorp has beenable to see through all past challenges, including theextremes of the 1997 crisis, with flying colours.

The last thing JCorp needs to do is, however, to reston its laurels. In a dynamic and challenging businessenvironment, power of knowledge is something thatall the employees need to acknowledge and respondto. Employees need to continuously upgradethemselves in all relevant disciplines to ensure thatthey can continuously add value to the Corporation.

For the year under review, JCorp invested 5.72percent of its total annual staff emolument toorganise and hold comprehensive employee trainingand career development programmes aimed towardsproviding a holistic development regime for everystaff member, to suit their respective responsibilitiesand more. Thus on an average, each staff hadattended not less than 44.26 hours of training forthe year 2004. The percentage of employees whohad received training for 2004 also increased to 97.19percent compared to 95.17 percent in 2003.

In the era of K-economy, JCorp strongly encouragesits employees to upgrade their professionalknowledge via offering various incentives toemployees who wish to take up accreditedprofessional courses and certif ications including

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ACCA, CIMA, ICSA and CIA. In addition to that,currently JCorp and its Group have partiallysponsored 40 Group executives to undergo an MBAprogramme conducted by the Henley ManagementCollege, United Kingdom, in collaboration with theJCorp’s Intrapreneur Development Academy.

The year under review is the third consecutive yearthat JCorp had instituted the application of KeyPerformance Indicators (KPI) in the measurement ofperformance at the Group, JCorp and departmentallevels. Each level had identified a number of specificperformance targets encompassing areas of financialperformance, operational eff iciency, and valuecreation, all finally incorporated into a Memorandumof Agreement duly formalised at all levels early inthe year.

The achievement of these targets form part of theperformance measures culminating in thedisbursement of year end incentives, rewards,bonuses and recognition for the entire JCorp Group.

On 16 September 2004, JCorp also made historywhen it successfully launched its own creativeEmployee Share Option Scheme (ESOS) named the“Skim Pemilikan Saham Anggota Pekerja JohorCorporation”, for eligible employees of theCorporation including its Directors and non-independent Directors at the subsidiaries level.JCorp’s ESOS differs from conventional PLC’s ESOSscheme to the extent that each eligible employee isallocated a basket of PLC shares including Kulim, KPJHealthcare, Sindora, JLand and units of ASJ and DJbelonging to JCorp. The eligibility of the employeesis dependent upon their position and length ofservice in JCorp Group and during the period, a total

of 221 employees were offered to exercise the ESOSoption over the period of five years.

The ESOS manifests JCorp’s acknowledgement andrecognition of its employees’ dedication and loyalty.Other than a reward for past performance, it servesalso as a powerful motivator to young executives andemployees to dedicate their total energies towardsbuilding an enriching and rewarding career withJCorp, empowering and releasing their energies toenable them to realise their full potential.

In the same year, a conventional ESOS was alsolaunched at Kulim and KPJ Healthcare which gaveopportunities for their respective employees toparticipate directly in Kulim’s and KPJ Healthcare’sfuture growth as share owners.

JCorp, through the Human Resource Department iscontinuously seeking to improve its services to theemployees. Human resource development priorityis to ensure that JCorp sustains its reputation as amuch sought-after employer. The aim is to attractand retain employees who are not only competentand reliable but also those with high ethical valuesand integrity. It is also to ensure that JCorp build aconducive and enriching working environment forall its employees who, in turn, will continue tocontribute to the Corporation their ever strong senseof loyalty and dedication.

Realising the need to ensure continuity of capableleaders, JCorp had put in place a succession plan forthe Corporation, known as the “Agenda 2020”, meantto draw out future leadership structure for the year2020. On completion of an internal manpoweranalysis, it was decided to resurrect the practice of

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taking in new trainee executives, starting July 2004with the first batch of 21 executives.

Financial Performance

For the year 2004, JCorp Group recorded a pre-taxprofit of RM 204.72 million. The profit achieved isbacked by outstanding performance from all its CoreBusiness Divisions namely the Palm Oils, theHealthcare, the Intrapreneur Venture, the PropertyDevelopment Divisions as well as among itsmultifarious intrapreneur businesses. The Palm OilsDivision’s contribution came from the sustained highprice of CPO averaging RM 1,650 per tonnethroughout the year while the Healthcare Divisionsaw the increase in contribution from enhancedmarketing effort of KPJ Healthcare’s expertise inmanaging hospitals. The positive impact of theintegration exercises undertaken immediately afterthe completion of KPJ Healthcare’s restructuringprogramme had also been significant contributorsto earnings improvement.

At the Corporation level, JCorp can proudly report acommendable pre-tax profit of RM 254.11 million.The profit was strongly boosted by the sustained highprice of CPO throughout the year, increase of thesale of the industrial lands and profit from the saleof JCorp’s Tebrau land to JLand amounting to RM330 million.

On the whole, JCorp’s performance is the result ofstrong overall performance at all profit centres ofthe Group, as well as the result of effective Group-wide business integration programmes implementedin the last two years aimed at creating and enhancing

shareholders value. The Corporation is now on astronger foothold and poised to take advantage ofthe challenges and opportunities that come its way.

Entrenchment of JCorp’s Intrapreneur VentureScheme

JCorp’s home-grown “Intrapreneur Venture Scheme”was first launched in 1999, based on a risk-and-reward-sharing concept between JCorp and theemployees of JCorp that are entrusted to manageand drive the chosen business via ownership of amaximum of 25 percent equity interest in thecompany. These employees who initially were fulltime employees of JCorp are then called“Intrapreneurs” (officially referred as IntrapreneurSMEs – Skim Milikan Ekuiti or Equity OwnershipScheme) as they were nurtured and groomed fromwithin the corporate walls of the Corporation. Todate, this innovative and enterprising scheme hadproven to be remarkably successful as shown by theincreasing number of companies and Intrapreneursthat have embarked on the scheme year after year,encouraged by the noticeable improvement in theperformance of these Intrapreneur companies.

In the year under review, JCorp welcomed seven newintrapreneurs and their respective companies intoJCorp’s “Community of Enterprises”, namely GenuineVictory Sdn Berhad, a management company for theJCorp’s aquaculture business, Metro EquipmentSystems Sdn Berhad, a company involved in thesupply of car parking equipments, Pro CorporateServices Sdn Berhad, a company registrar andBusiness Centre provider and Tiram Travel SdnBerhad, a travel agency. Other companies include

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M-Perkasa Services Sdn Berhad, a workshop serviceprovider, Sindora Timber Sdn Berhad, a timber-basedcompany and Capaian Aspirasi Sdn Berhad, a“Khairat” and insurance provider company. To date,there are 23 companies under this Scheme alltogether involving 43 intrapreneurs (including 14intrapreneurs under the “team intrapreneuring”concept from Aquapreneur Sdn Berhad).

For the year under review, the aggregate pre-taxprofit for all the Intrapreneur companies recorded aremarkable RM 18.02 million on the back of revenueamounting to RM 199.59 million. Together thesecompanies recorded a 30 percent increase in revenuein the year under review. Outstanding performanceswere recorded by companies like Willis, JMF Asset,POBM, Metro Parking and Epasa Shipping AgencySdn Berhad.

Moving forward with the Scheme, JCorp has charteda course to embark on a more aggressive stance toseek out, within the Group and from among JCorp’sown internal departments, potential businesses andactivities that can be transformed into intrapreneurbusinesses. This is also further complemented byseeking and inviting potential and eligibleentrepreneur-owned businesses from the market thatcan expedite the growth and expansion of theScheme to mutual long term benefit.

This Scheme is also JCorp’s strategic move towardsdeveloping and building a “Community ofEnterprises” to meet the challenges of a market-driven, MNC-dominated, globalised businessenvironment that characterised our current economicscenario. Intrapreneuring also has a distinctadvantage when adopted as a corporate

organisational strategy. It allows JCorp to expandin size, yet retaining the agility, flexibility andentrepreneurship that favour small enterprises andoften elude big corporations.

JCorp believes that the Intrapreneur Businesses willbecome the engines of future growth, corporatedynamism and creativity essential for theCorporation’s expansion and continuity. Thus, thepath has already been laid for highly successfulintrapreneur ventures to be upgraded to becomefuture core businesses of the Corporation.

Those companies that fulfill the stringent criteriaunder Sindora’s concept of “Intrapreneur Venture”can be absorbed by Sindora. Others can be grownby JCorp to become PLCs in their own right, if needbe. Not only will these companies become part of ahighly regimented business environment with accessto a larger and wider capital market; by being amember of JCorp’s Community of Enterprises theycan have access to JCorp’s formidable resources,reach and networks.

In the year 2004, management and staff of the fiveintrapreneur companies namely Willis, Tepak, POBMand JMF Asset and Metro Parking were rewarded withvery competitive incentives on the back of theiroutstanding performance. This is testimony to whatan intrapreneur can achieve and the vastness of hisboundaries via this unique Scheme.

Prospects

Overall global economy for 2005 remains favourablealthough growth is likely to be at a more moderate

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pace. Modest downturn in the global semi-conductorindustry as well as relatively favourable commodityprices are expected to provide support for exportgrowth. World output and trade are projected toexpand at a slower 4 percent and 5.80 percentrespectively in 2005.

Growth in the East Asian region, excluding Japan, isexpected to expand at a reasonably high rate of 6.30to 6.50 percent. Consumption is expected to besustained by rising incomes and a growing share ofyoung age group with a higher propensity toconsume. Domestic demand is also likely to remainresilient given the larger contribution from newsources of growth and increased intra-regional trade.

Given these positive developments, the prospects ofthe Malaysian economy are also expected to remainsound but casting a more moderate growth ofbetween 5 to 6 percent in 2005, against the 7.10percent growth registered in 2004. The private sectoris expected to remain as the main driver of growth,as the Government remains committed to sustain itssupport for growth with policies targeted at enhancingthe business environment for the economy.

Against the economic backdrop described, JCorp isexpected to record sustained performance in all ofthe Corporation’s business Divisions, albeit withvarying degrees of achievement. Through its Coreand Intrapreneur Venture Businesses, JCorp willcontinue to seek, explore and seize new businessopportunities that would contribute further tostrengthening strategic advantages and positioningas well as sustain value creation and corporate growth.

In the years to come, JCorp will still continue withthe consolidation and rationalisation of its businessesthat have yet to achieve a strong and stable footing.This would include possible further corporaterestructuring of its PLCs in the Property Division. Theprogrammes are expected to improve theconsolidated value of the companies andsubsequently increase the visibility of the companiesamong the investing public with the target to increaseshare price performance and market capitalisationto reflect the fundamental value of these companies.

The year 2007 marks the maturity of the first trancheof JCorp’s series of CRMP bonds amounting to RM371.14 million. Plans have already been set in motionto position JCorp and enable it to redeem thematured bonds when due. This JCorp will notcompromise upon as it is critical to preserving theGroup’s corporate integrity and upholding itscredibility and good reputation in the market at thehighest level. It is also obviously crucial in creating asense of confidence to existing bond holders forJCorp’s 2 remaining tranches.

As the Corporation aspires to achieve its mission tobecome a leading Malaysian Corporation driven byknowledge and entrepreneurial drive, it has to furtherevaluate its future institutional role in the society’sscheme of things. JCorp is expected to succeed insustaining its entrepreneurial drive through makinga continuous success of its proven Intrapreneurdevelopment programmes. The knowledge-drivendimension, on the other hand, can be achieved if itis able to sustain its corporate cultural dynamismfounded on making a success of JCorp as aknowledge-driven learning organisation that

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continues to renew itself. That leaves JCorp with itsaspiration to become a world-class Islamiccorporate entity.

One route that JCorp can take in sustaining legitimacyand relevance in a market-driven environment is forthe Corporation to remain as a state-level GLC(Government-linked company) that is also a“Corporate Trust Organisation”. This implies notopting for the privatisation option; and here again,JCorp’s Intrapreneur approach in entrepreneurshipdrive will serve it well. “Trust” also implies that in thebusiness of creating and accumulating wealth, JCorpshould also continuously contribute to thecommunity via a structured CSR programme. This ithas already done, and if continued on this scale,JCorp’s CSR programme can be described as alreadybeing “a natural extension” of the Corporation.

Finally, the ultimate corporate destiny that JCorpneeds to realise for itself is to become a “Communityof Enterprises” that adds social value and maximisessocial capital for all Malaysians through a Corporateinstitutional approach that reduces imbalances anddistortions within society and upholds social justice.In this regard, JCorp can opt to ultimately adopt theIslamic Waqaf institutional form. JCorp cantransform itself into a Waqaf Corporation that is fullybusiness and market-driven, yet with ownership tobe vested along the principles established for IslamicWaqafs.

At this stage of the evaluation process, JCorp stronglybelieves that Waqaf offers a viable and indeed,formidable Islamic model for corporatisation. It canbe an effective organisational ownership approachthat can maximise the long term benefits to the

community at large, with the potential offer of aninstitutional solution to the society’s age-oldeconomic predicament and dilemma. Moreimportantly, corporate Waqaf also offers a fascinatingnew dimension to national economic developmenteffort in the context of global competition dominatedby giant MNCs.

Apparently, trust and Waqaf corporate institutionsoutlast private ownership concentrated in individualand family hands. Collectively, if they have a strongpresence in the economic system, corporate Waqafinstitutions can be a winning strategy for a lastingeconomic equity and social justice. Trust and Waqafcorporate institutions possess the organisationalstrengths to withstand and indeed, ultimately evencorrect, the harsh and extreme inequality and socio-economic injustice that is normally the long termoutcome of an unbridled capitalist system.

To further prove its viability and validity, JCorp hadalready ventured into a pilot corporate Waqafinitiative in July 2005. It started with the transfer toWaqaf the equity of its travel agency companynamely Tiram Travel Sdn Berhad (Tiram Travel), tobe developed into a viable Waqaf model. Equity inTiram Travel owned by JCorp (less that apportionedto the intrapreneur involved) was transferred infavour of Kumpulan Waqaf An-Nur Berhad, acompany limited by guarantee established tofacilitate the corporate Waqaf programme.

Ultimately, as a corporate trust and Waqaforganisation, indeed JCorp will have a vital role toplay, in the context of a potentially divisive,corporate-driven global economy. Its continuedsuccess in creating value and generating wealth is

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expected to contribute significantly towards ensuringthat Malaysia’s steady transformation into adeveloped nation by year 2020 will not be at theexpense of gross inequality. The active presence ofJCorp and other similar successful, business-drivencorporate trust institutions is indeed a criticalinstitutional bulwark serving to ensure that a measureof equity and social justice for all is attained in thehighly market-driven and business-driven economicgrowth climate.

Acknowledgement

On behalf of the Board, we would like to convey oursincere appreciation to YB Dato’ Hj Baderi Bin Dasuki,YB Dato’ Haji Ishak Bin Amin, YBhg. Tan Sri DatukAbdul Razak Bin Haji Ramli, YBhg. Datuk Zakiah BintiHashim and Encik Hasan Bin Ismail who retired fromthe Board in the year under review, for theircommendable contributions to JCorp during theirtenure as Members of the Corporation. JCorp hasbeen most privileged to have on board the servicesof such distinguished Members.

It is also with great pleasure that JCorp welcomes onboard YB Dato’ Haji Abd. Karim Bin Hj Hassan, thenew Johor State Financial Officer, YBhg. Dato’ MohdSidek Bin Haji Hassan, Secretary General, Ministry ofInternational Trade and Industry, and YBhg. Dato’Ahmad Bin Konchong, Secretary General, Ministry ofEntrepreneur Development and Cooperatives andYBhg. Dato’ Abd. Khalil Bin Ab Hamid, from theMinistry of Finance as new Members of the Board.

We also wish to record our sincere gratitude andappreciation to both State and Federal Governments,

associates and partners, bankers as well as all financialinstitutions for their continuous confidence andunwavering support to JCorp and all its membercompanies, and shall look forward to their continuedsupport in years to come.

A Corporation would be nowhere without the faith,confidence, hard work, loyalty and dedication of allits employees direct and indirect, and JCorp iscertainly blessed to have them. Thus, we take thisopportunity to convey our gratitude andappreciation to each and every member of our staffin JCorp and its Group for a job well done. It is alsoour sincere hope that, together, we will face theforthcoming challenges with renewed andrejuvenated energy and determination to sustainand further improve JCorp’s performance in theyears ahead.

YAB Dato’ Haji Abdul Ghani Bin Othman

YBhg Tan Sri Dato’ Muhammad Ali Hashim

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Program Pembangunan Intrapreneur JCorpSatu Pilihan Strategi Korporat Dalam Menguruskan Paradoks Pencapaian Matlamat Ekuiti MalaysiaDalam Menghadapi Cabaran Pacuan Pasaran dan Suasana Bisnes Global

JCorp mempunyai peranan yang penting lagi unikdi dalam pembangunan masa depan ekonomi Johordan negara khususnya di dalam memenuhi pengisianobjektif dasar ekonomi negara. Sememangnya,cabaran terbesar yang dihadapi ialah menguruskanparadoks di antara keutamaan keuntungan ataumenjayakan dasar negara bagi melahirkan sejumlahusahawan Bumiputera di dalam rangka kerja objektifmewujudkan Masyarakat Perdagangan dan IndustriBumiputera (BCIC).

Secara konvensional , objekti f pembangunankeusahawanan dalam konteks BCIC diklasifikasikansebagai satu tanggungjawab sosial korporat (CSR)yang akhirnya akan membawa kepada bebanankewangan dan peningkatan kos. Di sinilah kelainanProgram Pembangunan Intrapreneur yangditonjolkan oleh JCorp kerana JCorp sendir imempunyai rekod prestasi selama lebih tiga puluhtahun sebagai organisasi korporat yang menjalankanoperasi berasaskan keuntungan.

Pacuan Bisnes

Ciri unik JCorp dalam menghasi lkan peranantersebut, khususnya di dalam pendekatan pacuanbisnes bagi menjayakan program tersebut ,d i laksanakan sebagai sebahagian dar ipadakeseluruhan amalan korporat yang perlu diuruskansecara cekap dan berkesan pada setiap bisnes yangdi ja lankan. Malahan dapat di l ihat , programintrapreneur JCorp menjad i “unsur u tama”pertumbuhan dan perkembangan korporatnyasendiri dengan pertumbuhannya ditentukan olehkejayaan yang di capainya di dalam programpembangunan usahawan, atau lebih tepat lagiProgram Pembangunan Intrapreneur.

Perlu ditekankan bahawa JCorp telah mempraktikkankonsep Intrapreneur sebagai sebuah komponenstrategi dalam memulihkan prestasi JCorp setelahmengalami impak yang mencabar sejak krisisekonomi tahun 1997. Kedudukan kewangan JCorptelah tergugat dan JCorp terpaksa berjuang bagimemastikan kesinambungannya sebagai sebuahentiti bisnes. Bagi menangani perkara ini, JCorp tidakmempunyai pilihan lain kecuali melaksanakanpenstrukturan semula dan mengecilkan operasinya.JCorp, pada hakikatnya menggunakan konsepPembangunan Intrapreneur untuk mendefinisikansemula secara strategik struktur korporatnya. Melaluikonsep intrapreneur tersebut, JCorp telah mengatursemula langkah untuk “melerai” dan “menurunkan”kos ibu pejabat. Banyak dari operasi yang berasaskankos telah diubah kepada sebuah bisnes unit yangberasaskan keuntungan dan diterajui olehIntrapreneur yang berwibawa.

Program pembangunan usahawan yang dijalankanoleh JCorp bagi mewujudkan MasyarakatPerdagangan dan Industri Bumiputera di sasarkankepada dua sasaran kumpulan. Kumpulan pertamamelibatkan sokongan pembangunan usahawan danpembukaan peluang bisnes dengan tujuan untukmeningkatkan jumlah dan kualiti ahli usahawanBumiputera luar. Kumpulan sasaran kedua yang tidakkurang pentingnya ialah tumpuan kepada kumpulanintrapreneur ( ia i tu usahawan korporat ataupengurus-usahawan) daripada kalangan pasukaneksekutif JCorp dengan menyediakan merekakemahiran di dalam mengurus aset danmeningkatkan nilai bisnes dan pusat keuntunganJCorp. Komponen kedua inilah yang membawahubungan strategik dengan pertumbuhan danperkembangan JCorp.

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Seorang intrapreneur merujuk kepada Eksekutif yangdigaj i terus oleh JCorp dalam perkhidmatanKumpulan dan ditugaskan dengan tanggungjawabuntuk membuat keputusan bisnes. Dalam konteksamalan korporat JCorp, pemilikan saham bukanlahsatu kriteria ukuran. Dari itu, dalam Kumpulan JCorpterdapat ramai eksekutif atau intrapreneur yangbukannya pemegang saham (secara rasmi merujuksebagai Intrapreneur Korporat).

Program pembangunan keusahawanan luaran JCorpjuga dijalankan secara meluas. Ianya digabungkandengan program pembangunan pusat membelibelah dan kedai pejabat dengan keutamaan jualandan sewaan di berikan kepada peniaga Bumiputera.Ianya juga melibatkan pemberian kontrak kepadakontraktor pembinaan Bumiputera untuk kerjamelibatkan di bawah nilai tertentu yang berasaskanpenilaian asas merit yang sistematik. Di samping itu,ianya melibatkan juga peningkatan pemilikan asetmelalui keutamaan jualan hartanah kediaman kepadaBumiputera khususnya pekerja di kilang-kilang (dandengan secara tidak langsung memberikan kesanpositif pendapatan dan kekayaan).

Pada masa yang sama, program latihan dan kursusjuga ditawarkan melalui penubuhan InstitutPembangunan Pengurusan Johor (IPPJ) dan PUSPATRIdengan tujuan untuk meningkatkan kemahiranpengurusan dan kecekapan yang berkaitan.Keperluan jaringan bisnes di antara Bumiputera jugadi perhebat melalui penubuhan Kelab Bisnes JCorpiaitu BISTARI, di mana melaluinya dapat menanamkanminat terhadap bisnes di kalangan pelajar diperingkat sekolah di seluruh negeri yang dikenalisebagai “Program Tunas Bistari” untuk pelajarsekolah menengah. Program tersebut seterusnya

telah diperpanjangkan kepada siswa-siswi universitimelalui penubuhan “Program Siswa Bistari“ diUniversiti Teknologi MARA cawangan Johor diSegamat.

Intrapreneur Berkebolehan

E lemen asas da lam Program PembangunanIntrapreneur JCorp merangkumi tunjuk ajar danbimbingan usahawan melalui mentor, yangdilaksanakan dengan meluas secara dalaman dansemasa mereka melaksanakan tugas dan kerjaseharian. Dalam masa yang sama, latihan secaraformal juga diberikan yang kemudiannyadiinstitusikan melalui penubuhan AkademiPembangunan Intrapreneur (API) dalam tahun 1998.Walau bagaimanapun, Program PembangunanIntrapreneur lebih bergantung kepada latihan terusyang diberikan kepada eksekutif yang terpilih untukmenubuhkan kumpulan yang ditugaskan bagimenjayakan entiti bisnes yang diuruskan secarabebas.

Telah bertahun-tahun JCorp membina reputasi unikdalam Program Pembangunan Intrapreneurnya yangtelah berjaya melahirkan beberapa pengurus-usahawan yang membanggakan yang pada ketikaini sedang mengurus syarikat tersenarai dan tidaktersenarai dalam Kumpulan. Kumpulan pemimpinkorporat dalaman yang dibangunkan ini disokongoleh barisan lapisan kedua dan ketiga intrapreneuryang mana, sebagai pasukan intrapreneur, dilatihuntuk menerajui syarikat dalam Kumpulan bagimengharungi cabaran pertumbuhan korporat masahadapan.

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Sesungguhnya, beberapa pemimpin utamaintrapreneur dalam Kumpulan JCorp yangmenguruskan bisnes yang penting hari ini adalahhasil daripada produk yang telah diuji dan eksekutifyang telah mengalami kegagalan bisnes pada awalkerjaya mereka. Dua Intrapreneur Korporat telahmuncul termasuklah Pengarah Urusan Kul im(Malaysia) Berhad (Kulim) dan Pengarah Urusan, KPJHealthcare Berhad (KPJ Healthcare), iaitu duaBahagian Bisnes Asas penting JCorp.

Intrapreneur JCorp yang kemudiannya dilantiksebagai Pengarah Urusan Kulim iaitu Tuan HajiAhamad bin Mohamad telah menyimpulkan bahawabeliau adalah lulusan sarjana muda ijazah dari “USSI”(University of Stress, Suffering, and Indignity yangbermaksud Universiti Penderitaan, Tekanan danKeaiban). “USSI” sebenarnya merupakan singkatandari nama syarikat ‘United Stainless Steel IndustrySdn Berhad’ iaitu syarikat asal beliau ditugaskan yangmerupakan syarikat usaha sama dengan rakan kongsidi Singapura yang mengeluarkan produk sudu dangarpu dari jenis besi tahan karat.

Bisnes USSI telah mengalami kerugian yang teruk danbeliau telah dipindahkan untuk menguruskanbeberapa bisnes lain di dalam Kumpulan JCorpsebelum akhirnya dipindahkan ke Kulim. Beliau telahberkhidmat dengan JCorp lebih 20 tahun dan sebagaiPengarah Urusan Kul im, Tuan Haj i Ahamadbertanggungjawab ke atas prestasi Kulim sebagaisalah sebuah syarikat Bisnes Minyak Sawit yangberjaya. Kulim, pada hari ini juga merupakan sebuahsyarikat oleokimia di samping mempunyai aktiviti dirantau Indonesia, Papua New Guinea dan KepulauanSolomon.

Bakat keusahawanan dan usaha kuat PengarahUrusan Kulim telah membolehkan beliau membinabisnes kelapa sawit Kumpulan daripada permulaanyang sederhana kepada lebih dari RM 2 bilion bisnes(dari segi pendapatan) yang mempunyai lebihdaripada 18,000 pekerja. Pencapaian ini lebihcemerlang oleh hakikat bahawa Kulim telah dibinamelalui reputasi teguh melalui elemen keusahawanandalam pelbagai aspek bisnes termasuk pengurusanpertanian dan perladangan, mekanisme pengurusanestet, polisi kepelbagaian serantau dan keputusanuntuk menambahkan lagi nilai melalui penglibatandi dalam industri hiliran oleokimia.

Kulim merupakan syarikat tersenarai di BursaMalaysia sejak 30 tahun lalu dan pada masa inimemiliki seluas 148,460 hektar ladang kelapa sawitdi samping memiliki kilang oleokimia yang terbesardi dunia. Dalam tahun yang dikaji, Kulim mencatatkankeuntungan sebelum cukai yang cemerlang sebanyakRM 284.88 juta.

Tunggak kedua bisnes asas JCorp ialah syarikat KPJHealthcare. KPJ Healthcare merupakan contohpencapaian JCorp paling cemerlang dalam membinabisnes yang menjana keuntungan berjuta ringgityang bermula dari bawah melalui konsepPembangunan Intrapreneur. Intrapreneur di dalambidang Prisihatin ini ialah Datin Paduka Siti Sa’diahBinti Sheikh Bakir.

Bermula hanya dengan sebuah hospital di JohorBahru yang beroperasi dalam tahun 1981, pasukanIntrapreneur JCorp (khususnya dalam KumpulanPerubatan Johor dan kemudiannya disenaraikan dibawah nama KPJ Healthcare Berhad) di bawahkepimpinan Datin Paduka telah berjaya membina

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bisnes dari bawah kepada rangkaian 16 hospitalpakar. Daripada jumlah itu, 13 buah beroperasi diMalaysia yang menjadikan ianya Kumpulan penerajuutama pasaran di Malaysia. Dua buah lagi hospitalterletak di Jakarta dan di Padang, Indonesia. Baru-baru ini juga KPJ Healthcare telah menandatanganiperjanjian perkhidmatan pengurusan hospital pakardi Dhaka, Bangladesh.

Pasukan Intrapreneur KPJ Healthcare mempunyaireputasi yang cemerlang yang diperkukuh denganrekod pencapaian dalam memulihkan prestasisyarikat hospital yang diambil alih seperti HospitalPakar Tawakal di Kuala Lumpur, Hospital PakarKuantan, Hospital Pakar Kedah di Alor Setar danHospital Pakar Puteri di Johor Bahru. Sesungguhnyaini adalah contoh yang klasik dalam kejayaanpengambilalihan dan pemulihan yang cepat (dalambanyak kes, hanya dalam masa setahun selepasdiambil alih) yang dilaksanakan oleh entiti bisnesawam terhadap entiti bisnes persendirian. KPJHealthcare berjaya memulihkan hospital denganbeberapa juta kerugian kepada bisnes entit iberprestasi yang menyalurkan nilai perkhidmatanpakar bagi memenuhi keperluan dan harapan tinggipesak i t yang bertambah di se luruh negara .Tambahan lagi, KPJ Healthcare telah membinahospital yang dilengkapi dengan kelengkapanperalatan yang tercanggih.

Buat masa ini, KPJ Healthcare adalah peneraju dalamsektor kesihatan pakar yang menguruskan sebanyak1,441 buah katil berlesen, dengan dianggotai oleh272 perunding yang profesional, berpengalaman,berkemahiran dan perunding perubatan dalamanyang terlatih, 118 perunding perubatan pelawat dandisokong oleh 4,155 jururawat, pegawai perubatan

dan anggota pekerja sokongan yang menawarkanpelbagai perkhidmatan pakar. Pada tahun kewangan2004, KPJ Healthcare mencatatkan keuntungansebelum cukai berjumlah RM 40.65 juta.

Menyemai Benih bagi Pertumbuhan KorporatJangka Panjang dan Kesinambungan PenjanaanNilai

Sudah semestinya pertumbuhan korporat jangkapanjang hanya boleh dipastikan jika sekiranyaterdapat penanaman benih baru yang berterusan dandi bajai dengan semangat untuk mencari peluang-peluang bisnes baru . Kesemuanya in i akandi laksanakan mela lu i sumber manusia yangdiperkukuh dengan sistem dan struktur dan didokong dengan aset dan sumber serta digalakkandengan nilai dan pendirian terhadap bisnes yangakan diterjemahkan kepada formula korporat dalammengurus risiko dan prestasi. Bagi JCorp, formula inidiformulasikan melalui konsep PembangunanIntrapreneur.

Dengan dorongan oleh kejayaan KPJ Healthcare danKulim, JCorp terus memfokuskan diri kepada“menambah” Intrapreneur dan memperkembangkanProgram Pembangunan Intrapreneur. Salah satu caraberkesan untuk menjayakan perkembanganIntrapreneur adalah menubuhkan lebih banyakbisnes kecil sebagai “pusat latihan” untukmembangunkan Intrapreneur terbilang denganbakat keusahawanan dengan harapan, satu hari nantiianya akan dapat melahirkan lebih ramai bakatkepimpinan bagi menerajui bisnes masa hadapanJCorp yang boleh menandingi Kulim dan KPJHealthcare.

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Pendekatan ini membolehkan risiko dapatdikurangkan kepada operasi kecil yang masih bolehditerima sekiranya gagal, manakala bisnes yang besarditawarkan kepada mereka yang mempunyaikebolehan pengurusan yang telah terbukt ikejayaannya. Peranan institusi JCorp adalah sebagaialat dan sesungguhnya kritikal untuk membawakejayaan kepada program ini. Secara amnya, 80peratus daripada bisnes yang bermula dari bawahtidak kekal lama sehingga lebih dari lima tahun.Menginstitusikan usaha secara kolektif di bawah satupayung korporat seperti JCorp sesungguhnya salahsatu cara berkesan bagi mendapatkan keputusanterbaik jangka panjang.

Skim Intrapreneur yang unik ini dilancarkan padatahun 1999 dengan objektif utama untukmendukung peranan JCorp dalam melahirkangenerasi usahawan Bumiputera baru yangbersemangat kental serta cekap. Ianya jugamemberikan peluang dan infrastruktur institusi bagimelatih dan mengasah bakat pengurusan dankebolehan semula jadi mereka di dalam bidangbisnes melalui perkongsian pengalaman di dalamKumpulan JCorp yang sedia ada memiliki aset danmodal sumber manusia.

Jelas diperhatikan bahawa Program PembangunanIntrapreneur JCorp akhirnya menjadi komponenutama sebagi suatu strategi ke arah pertumbuhandan st rategi korporat , dengan a rah a l i r anpertumbuhan ditentukan dengan kadar kejayaanyang dicatatkan di dalam program itu sendiri.

Perubahan dan Inovasi

Impak krisis 1997 telah memberikan pengajaran yangbanyak kepada JCorp. Antaranya ialah rombakanyang dibuat ke atas Program PembangunanIntrapreneur yang per lu dikemas k in i bagimemastikan kejayaannya. JCorp sedar bahawasekumpulan syarikat bisnes keci l t idak dapatdiuruskan secara berkesan sebagai sebuah bisnesyang dinamik dan bebas sekiranya mereka dikawalsecara terus dari ibu pejabat. Oleh itu, struktur dansistem perlu diubah bagi memberikan ruang kepadaIntrapreneur untuk membuat keputusan tanpakehilangan kawalan.

Inovasi paling penting yang diperkenalkan oleh JCorpialah pelaksanaan konsep pemilikan terus ekuiti didalam program tersebut kerana JCorp sedar bahawasyarikat di dalam Kumpulan menjadi lemah keranatiadanya komitmen pemilikan ekuiti oleh eksekutif.Oleh itu, langkah telah diambil bagi memastikanperkongsian risiko dan pulangan syarikat melaluipenawaran pemilikan 25 peratus ekuiti kepadaIntrapreneur terlibat. (Dirujuk kepada IntrapreneurSME – Skim Milikan Ekuiti). Ini adalah perubahan jelasdaripada polisi tradisional yang dilaksanakan olehJCorp yang secara eksklusif memiliki sepenuhnyaekuiti dalam semua bisnes entiti.

Walau bagaimanpun konsep intrapreneur JCorpbukan hanya difokuskan kepada pemilikan. Tumpuanpenting difokuskan kepada sumber manusia yangmenekankan kepada aspek pembangunan, membinasumber manusia, memperkembangkan daya usahaIntrapreneur dan membangunkan potensi pengurus-pengurus profesional yang per lu membuat

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keputusan keusahawanan dengan matlamatmengumpul kekayaan untuk faedah jangka panjangJCorp sebagai sebuah organisas i korporat .Penawaran ekuiti saham dalam bisnes adalahbertujuan supaya intrapreneur terlibat sanggupmenerima risiko pemilikan dan pada masa yangsama, memberikan mereka kuasa mengurus secarasendiri dan memacu kejayaan bisnes mereka masing-masing. Pada masa yang lalu, diperhatikan bahawawujudnya masalah birokrasi telah mengurangkansemangat bisnes di kalangan ramai pengurus yangmembantutkan mereka mengambil risiko danmembuat keputusan penting yang mengakibatkanbanyaknya kegagalan di kalangan entiti usahawan.

Birokrasi telah mengakibatkan pembangunan negatifterhadap budaya kesatuan dan membawa kepadakelemahan yang menyebabkan syarikat tidak mampuberdepan dengan cabaran bisnes dan kr is is .Sebahagian kecil sebenarnya telah menerima akibatkegagalan sistem sehingga mengkompromikanintegriti dan sanggup membuat amalan yang tidakberetika dengan sewenang-wenangnya.

Di antara sebab utama ialah pembuatan keputusandi peringkat pengurusan khususnya pengarah daneksekutif kanan ketua jabatan yang kerap kalimenggunakan kuasa yang ada. Di sudut yang lainpula, keputusan kepada perkara-pekara yang mudahtidak dapat dilaksanakan dan tiada siapa yangmengambil tahu yang akhirnya menyebabkan hartadan syarikat terbiar. Tawaran sebahagian pemilikanekuit i di jangka akan menerbitkan semangatkepunyaan, meningkatkan pembaharuan dalambisnes, memacu kepimpinan dan menyalakan semulasemangat keusahawanan di kalangan Intrapreneuritu sendiri.

Apabila JCorp melancarkan konsep pemilikan ekuitikepada Intrapreneur di dalam ProgramPembangunan Intrapreneurnya, sebanyak enamkumpulan pertama Intrapreneur telah ditawarkan25 peratus ekuiti saham penuh di dalam syarikat anakJCorp yang diuruskan oleh mereka. Enam syarikatperintis tersebut ialah JTP Trading Sdn Bhd (JTP), Pro-Office Bulk Mailing Sdn Bhd (POBM),Tepak MarketingSdn Bhd (Tepak), Metro Parking (M) Sdn Bhd (MetroParking), Aquapreneur Sdn Bhd (Aquapreneur) danMetro Parking (S) Pte Ltd (Metro Parking Singapore).

Selepas pelancaran skim pemilikan ekuitiIntrapreneur melalui perkongsian risiko dan pulangantersebut, syarikat yang terlibat telah menunjukkanperubahan yang menggalakkan dalam prestasimereka dari segi pendapatan dan keuntungan.Dalam tahun 2000, pendapatan agregat syarikat-syarikat tersebut meningkat secara mendadaksebanyak 23.20 peratus kepada RM 67.86 jutamanakala keuntungan sebelum cukai agregat pulapulih daripada kerugian berjumlah RM 3.62 jutadalam tahun sebelumnya kepada keuntungansebanyak RM 3.87 juta dalam tahun 2000.

Perubahan dalam prestasi yang ketara tersebutmerupakan tanda awal kepada kejayaan ProgramIntrapreneur JCorp. Apa yang lebih penting lagi ialah,kejayaan ini menandakan kesanggupan Intrapreneurmengambil tanggungjawab sebagai pemilik bersamadan pada masa yang sama menunjukkan kekuatanmotivasi untuk secara bersendirian memacu bisnesmereka menuju kejayaan.

Semestinya, perubahan dan inovasi tersebut tidakhanya menggambarkan pacuan keusahawanan yang

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kuat di kalangan Intrapreneur tetapi juga telahditerjemahkan ke dalam keputusan prestasi yangcemerlang oleh syarikat dan Kumpulan sejakpelaksanaannya. Sebagai sebahagian daripadapemilik syarikat, Intrapreneur tersebut terdedahkepada suasana bisnes sebenar dengan risiko danpulangan yang dikawal.

Pendedahan kepada Risiko yang Lebih Besar

Catatan kejayaan JCorp dalam pembangunanintrapreneur sebenarnya melibatkan kos. Dalammengejar matlamat membina organisasikeusahawanan khususnya dalam membangunkanIntrapreneur korporatnya sendiri, JCorp terdedahdengan risiko yang lebih besar daripada organisasibisnes yang biasa.

Ini lebih-lebih lagi di mana JCorp tidak mempunyaikelebihan untuk mendapatkan individu-individudengan latar belakang keusahawanan yang terbuktiberjaya dan mengambil bakat terbaik di pasaranseperti lain-lain syarikat. Dalam banyak keadaan,secara sengaja JCorp terpaksa mengenal pasti danmembangunkan bakat dalaman yang ada di antaraindividu Bumiputera yang kurang kelebihan di dalampengalaman berbisnes ataupun terdedah kepadalatar belakang budaya bisnes yang sesuai.

Proses pemilihan Intrapreneur yang berpotensi sudahpasti agak ketat. Selain daripada keinginan, minatdan semangat, prinsip asas yang lain untuk pemilihanialah penekanan terhadap kemahiran asas bisnes,cekap dan mempunyai latar belakang profesional

yang setanding serta penilaian terhadap keupayaanpotensi dalam menyumbang ke arah peningkatanaset dan bisnes yang diuruskan. Proses pemilihanterutamanya condong ke arah individu yang bolehberdikari sendiri, tidak bimbang terhadap risiko danseseorang yang ingin membuat kelainan danperubahan.

Sehingga 30 Mac 2005, berasaskan kepada kriteriayang ketat, JCorp telah menghasilkan 30 syarikatintrapreneur di bawah pengurusan yang cekapdar ipada 46 Int rapreneur yang ada . JCorpmerancang untuk mempunyai sekurang-kurangnya200 buah syar ikat pada tahun 2015. Melaluipemerhatian, bagi mengendalikan risiko secara lebihberkesan, JCorp secara sengaja tidak melibatkan diridi dalam bidang bisnes di peringkat permulaan yangberisiko tinggi seperti bisnes berteknologi tinggi,berasaskan bio-teknologi dan sektor–sektor lain yangberkaitan tersebut.

Syarikat di bawah skim Intrapreneur JCorp terlibatdi dalam pelbagai bisnes yang di antaranyatermasuklah termasuklah broker insurans,pengurusan pelaburan, perkhidmatan penghantaransurat pukal, pemprosesan makanan, pengurusantempat letak kereta, ternakan udang harimau,perkhidmatan sokongan pejabat, jualan farmasi,agensi pelancongan dan perkhidmatan pendaftaransyarikat.

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Senarai syarikat intrapreneur, jenis bisnes dan Intrapreneur sehingga 30 Mac 2005 adalah sebagaimana berikut :-

Syarikat Aktiviti Bisnes IntrapreneurDi Bawah Sindora Berhad1 Epasa Shipping Agency Sdn Berhad Perkhidmatan Penghantaran, En. Ab Wahab Bin Mohd

Perkapalan dan logistik Taib2 JMF Asset Management Sdn. Berhad Pengurusan pelaburan En.Mohamed Azahari Bin

Mohamed KamilMr.Tai Siong Choi3Metro Parking (M) Sdn Berhad Pengurusan Tempat Letak Kereta En. Halmi Bin Jasmin4Metro Equipment Systems Sdn Berhad (1) Pembekal Peralatan Tempat Letak Kereta

En. Fadzil Bin Md Noor5Metro Parking (B) Sdn Berhad(1) PengurusanPelaburan En. Yusuf Bin Ismail6Metro Parking (S) Pte Ltd. (1) Pengurusan Tempat Letak Kereta Mr. Tyrone Lopez7Pro Office Bulk Mailing Sdn Berhad Penghantaran Surat Pukal En. Bukhari Bin Abd

Rahman8Tepak Marketing Sdn Berhad Memproses dan Membungkus Teh En. Abd Rahman Bin

Sulaiman9Willis (Malaysia ) Sdn Berhad Broker Insuran En. Abdullah Bin Md

ZahidDi Bawah Kumpulan JCorp (2)10 Aquapreneur Sdn Berhad Ternakan Udang Harimau En. Wahab Bin Aman

MohamedEn. Rawi Bin Haji Ali and 12 other Intrapreneurs11 Capaian Aspirasi Sdn Berhad Agen Produk Khairat dan Agen Korporat Takaful Nasional

En. Azhar Bin Ariffin.12 Excellent Relations Sdn Berhad Perkhidmatan IT En. Syed Omar Bin Syed

Abdullah13 Genuine Victory Sdn Berhad Syarikat Pengurusan dan Ternakan Udang Harimau En.

Zulman Bin Shariff14 Great Allied Sdn Berhad Perkhidmatan ‘autoblasting’ dan mengecat bahan besi

En. Ashaari Bin Salikin15 Harta Management Facilities Sdn Berhad Perkhidmatan Teknikal Bangunan Komersial En. ‘Ala bin

Mansor16 HC Duraclean Sdn Berhad Kontraktor Kebersihan En. Azhari Bin Abdul

Hamid17 Healthcare Technical Services Sdn Berhad Pengurusan ProjekHospital En. Yahya Bin Hassan18 IPPJ Sdn Berhad Pusat Pembangunan Usahawan En. Zamri Bin Norani

Syarikat Aktiviti Bisnes Intrapreneur

Intrapreneur Venture, Sindora Berhad

1 Epasa Shipping Agency Sdn Berhad Perkhidmatan Penghantaran,Perkapalan dan Logistik Encik Ab Wahab Bin Mohd Taib

2 JMF Asset Management Sdn Berhad Pengurusan pelaburanEncik Mohamed Azahari Bin Mohamed KamilMr. Tai Siong Choi

3 Metro Parking (M) Sdn Berhad Pengurusan Tempat Letak Kereta Encik Halmi Bin Jasmin

4 Metro Equipment Systems Sdn Berhad (1) Pembekal Peralatan Tempat LetakKereta Encik Fadzil Bin Md Noor

5 Metro Parking (B) Sdn Berhad (1) Pengurusan Tempat Letak Kereta diBrunei Encik Yusuf Bin Ismail

6 Metro Parking (S) Pte Ltd. (1) Pengurusan Tempat Letak Kereta diSingapura Mr. Tyrone Lopez

7 Pro Office Bulk Mailing Sdn Berhad Perkhidmatan Penghantaran SuratPukal Encik Bukhari Bin Abd Rahman

8 Tepak Marketing Sdn Berhad Memproses dan Membungkus Teh Encik Abd Rahman Bin Sulaiman

9 Willis (Malaysia) Sdn Berhad Broker Insuran Encik Abdullah Bin Md Zahid

Syarikat Intrapreneur di dalam Kumpulan JCorp

10 Aquapreneur Sdn Berhad Ternakan Udang HarimauEncik Wahab Bin Aman MohamedEncik Rawi Bin Haji Alidan 12 Intrapreneur lain

11 Capaian Aspirasi Sdn Berhad Agen Produk Khairat dan AgenKorporat Takaful Nasional Encik Ismail Bin Mat Ali

12 Excellent Relations Sdn Berhad Perkhidmatan IT Tuan Syed Omar Bin Syed Abdullah

13 Genuine Victory Sdn Berhad Syarikat Pengurusan bagi TernakanUdang Harimau Encik Zulman Bin Shariff

14 Great Allied Sdn Berhad Perkhidmatan 'Autoblasting' danMengecat Bahan Besi Encik Ashaari Bin Salikin

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19 JKing Sdn Berhad Pengeluaran dan Pemasaran Pakaian SukanEn. Norisman Bin Ismail

20 Johor Land Manufacturing Sdn Berhad Pengeluar Kerangka Pintu Besi En. Norhisham Bin Atan21 JTP Trading Sdn Berhad Agen Jualan Buahan Tropika (Pisang & Nanas)

En. Nasharuddin Bin Shukor.22 M-Perkasa Services Sdn Berhad Perkhidmatan Keselamatan En.Malizan Bin Mahmood23 Open Access Sdn Berhad Kedai Farmasi Cik Fawziah Binti

Mohammad24 Perkasa Mech. & Engineering Sdn Berhad Bengkel

En. Ibrahim Bin Abu Bakar25 Pro Communication Services Sdn Berhad Perkhidmatan Papan Iklan dan Reka bentukGrafik

En. Yasid Bin ShahilanEn. Zakaria Bin Mohamad26 Pro-Corporate Management Sdn Berhad Perkhidmatan Kesetiausahaan, Pendaftaran Saham danPusat Bisnes En. Hishamuddin Bin Mohammed27 Pro Office Shoppe Sdn Berhad Pusat Perkhidmatan Opis En. Abdul Hamid Bin

ShahdanEn. Mazrol Nizam Abdullah28 Sejahtera Farma Sdn Berhad Kedai Farmasi Puan Fuziana Ibrahim29 Sindora Timber Sdn Berhad Pengeluaran Balak En. Mahat bin Denan30 Tiram Travel Sdn Berhad Agensi Pelancongan En. Md Yusoff bin Ghaffar

Nota : (1) Syarikat Anak Metro Parking (M) Sdn Berhad

Syarikat Aktiviti Bisnes Intrapreneur

Syarikat Intrapreneur di dalam Kumpulan JCorp

15 Harta Facilities Management Sdn Berhad Perkhidmatan Teknikal BangunanKomersial Encik 'Ala Bin Mansor

16 HC Duraclean Sdn Berhad Kontraktor Kebersihan Encik Azhari Bin Abdul Hamid

17 Healthcare Technical Services Sdn Berhad Pengurusan Projek Hospital Encik Yahya Bin Hassan

18 IPPJ Sdn Berhad Pusat Pembangunan Usahawan Encik Zamri Bin Norani

19 JKing Sdn Berhad Pengeluaran dan Pemasaran PakaianSukan Encik Norisman Bin Ismail

20 Johor Land Manufacturing Sdn Berhad Pengeluar Kerangka Pintu Besi Encik Norhisham Bin Atan

21 JTP Trading Sdn Berhad Agen Jualan Buahan Tropika (Pisang& Nanas) Encik Nasharuddin Bin Shukor

22 M-Perkasa Services Sdn Berhad Perkhidmatan Bengkel Encik Mahizan Bin Mahmood

23 Open Access Sdn Berhad Kedai Farmasi Cik Fawziah Binti Mohammad

24 Perkasa Mech. & Engineering Sdn Berhad Perkhidmatan Bengkel Encik Ibrahim Bin Abu Bakar

25 Pro Communication Services Sdn Berhad Perkhidmatan Papan Iklan dan Rekabentuk Grafik

Encik Yasid Bin ShahilanEncik Zakaria Bin Mohamad

26 Pro-Corporate Management Sdn Berhad Perkhidmatan Kesetiausahaan,Pendaftaran Saham dan Pusat Bisnes Encik Hishamuddin Bin Mohammed

27 Pro Office Shoppe Sdn Berhad Pusat Perkhidmatan Pejabat Encik Abdul Hamid Bin ShahdanEncik Mazrol Nizam Bin Abdullah

28 Sejahtera Farma Sdn Berhad Kedai Farmasi Puan Fuziana Ibrahim

29 Sindora Timber Sdn Berhad Pengeluaran Kayu Balak Encik Mahat Bin Denan

30 Tiram Travel Sdn Berhad Agensi Pelancongan Encik Md Yusoff Bin Ghaffar

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Bagi tahun kewangan berakhir Disember 2004,jumlah keseluruhan pendapatan syarikat Intrapreneurialah RM 199.60 juta, dengan jumlah keuntungansebelum cukai sebanyak RM 18 juta.

Menarik Minat Usahawan Luar SebagaiIntrapreneur JCorp

Dalam usaha untuk melah i rkan leb ih ramaiIntrapreneur secara lebih meluas, JCorp sekali lagitelah memperkenalkan satu bentuk perubahandengan mengenal pasti golongan pengurusan daneksekutif luar daripada Kumpulan JCorp. Bagimelayakkan diri , mereka perlulah mempunyaikemahiran, bakat dan kepakaran di dalam bisnesyang berkaitan dan rekod prestasi bisnes yang amatkukuh. Bagi golongan Intrapreneur ini, JCorpcenderung ke arah pemilihan golongan usahawanyang berhasrat untuk mengembangkan bisnesmereka melalui kelebihan sumbangan yang bolehdiberikan oleh JCorp, di samping bersedia untukmengubah dan menyesuaikan corak pengurusanbisnes mereka mengikut struktur format korporatyang lebih tersusun.

Antara kelebihan yang ditawarkan oleh JCorp kepadacalon Intrapreneur luar yang berpotensi termasuklahsokongan institusi korporat yang mampumemberikan kelainan kepada perkongsian tersebut.Sebagai contoh, Kumpulan JCorp mempunyai lebihbanyak akses kepada sumber dan rangkaian danjangkauan bisnes yang meluas. Kelebihan yangserupa juga boleh dinikmati oleh calon Intrapreneurkhususnya dari syarikat – syarikat tersenarai milikJCorp. Kes yang istimewa ialah akses kepada program“Intrapreneur Venture” (IV) Sindora.

6 buah syarikat terpilih yang menerima pakai konsepIV Sindora ialah POBM, Tepak, Willis, JMF Asset,Metro and Epasa Shipping Sdn Berhad (Epasa). Padatahun 2004, lima syarikat tersebut, tidak termasukEpasa (menyertai Sindora IV pada tahun 2005)mencatatkan jumlah jualan sebanyak RM 54.36 jutadan keuntungan sebelum cukai sebanyak RM 8.59juta, iaitu sumbangan sebanyak 44.10 peratus kepadakeuntungan keseluruhan Sindora.

Langkah ini telah terbukti keberkesanannyaterutamanya bagi dua buah syarikat, iaitu Willis danJMF Asset yang pada asalnya merupakan dua buahsyarikat bisnes yang dibina di luar JCorp. Kedua –dua buah syar ikat tersebut te lah menyerta iKumpulan JCorp apabila kedua – dua usahawansyarikat tersebut mempunyai keyakinan akankelebihan perkongsian bisnes dengan menjadi salahseorang ahli syarikat Intrapreneur JCorp.

Keyakinan ini telah menghasilkan pulang kepadamereka dan pada masa sekarang JCorp mempunyairekod yang cemerlang di dalam usaha sama denganindividu yang berbakat dan profesional tersebut.Banyak lagi rekod kejayaan yang telah dicatatkanapabila konsep Intrapreneur ini dipanjangkanmerangkumi pakar – pakar perubatan dan doktor –doktor pakar yang mempraktikkan kepakaranmereka di unit-unit bisnes di hospital – hospital milikKPJ Healthcare.

Bagi memastikan kejayaan syarikat – syarikatIntrapreneur dan mengurangkan risiko kegagalanmereka, khususnya bagi syarikat – syarikat yang baruditubuhkan, program Intrapreneur JCorpdilengkapkan dengan infrastruktur korporat,disokong dengan rangkaian dan jangkauan bisnes

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yang meluas dan sokongan latihan serta tunjuk ajaryang terperinci sekiranya perlu, khususnya kepadacalon-calon Intrapreneur baru. Ianya mampudilaksanakan melalui kebolehan JCorp mengumpultenaga kerja Intrapreneur lain di dalam KumpulanJCorp sendiri yang telah teruji kebolehan mereka danberpengalaman bagi memberikan bimbingan dantunjuk ajar secara lebih berkesan. Ini ditekankan lagidengan penubuhan sebuah Jabatan di peringkat ibupejabat yang dikenali sebagai Jabatan BisnesIntrapreneur.

Di samping itu, struktur bagi sistem pengajian,pengiktirafan dan imbuhan bagi kejayaanpencapaian telah juga dikaji semula supaya lebihtelus dan tidak terlalu terkongkong kepada garispanduan. Yang lebih penting, sistem ini jugadihubung kaitkan dengan prinsip “Nilai TambahEkonomi” (EVA). Dari pemerhatian, konsep EVA initelah diterima pakai di dalam Kumpulan JCorpsebagai sebuah konsep yang amat berkesan ke arahmewujudkan organisasi pacuan sistem dan satumekanisme yang mampu memberikan motivasikendiri.

Pembangunan Intrapreneur dan Peranan InstitusiJCorp di Masa Hadapan

Keberkesanan konsep dan pendekatan JCorp didalam pembangunan Intrapreneur dan peranannyadi dalam Skim mewujudkan MasyarakatPerdagangan dan Industr i Bumiputera bagimerealisasikan aspirasi pembangunan keusahawananadalah sangat jelas dan tidak perlu dipersoalkan.Keberkesanan pendekatan Intrapreneur JCorp telah

diiktiraf dari rekod kejayaan bisnes yang telahdicatatkan sehingga kini.

Kejayaan-kejayaan ini bukan sahaja membuktikanpeningkatan prestasi JCorp dan pemulihannyaselepas krisis, tetapi yang lebih penting lagi, ianyajelas menunjukkan kekuatan motivasi yang amattinggi yang dimiliki oleh golongan Intrapreneureksekutif itu sendiri. Kejayaan konsep Intrapreneuryang menanamkan semangat keusahawanan dikalangan eksekutif dan pengurusnya adalah satufaktor yang telah membawa kepada kelainan ini.

JCorp yakin bahawa bisnes Intrapreneurnya akanmuncul sebagai jentera pertumbuhan bisnes padamasa hadapan, yang merupakan faktor utama kearah pembentukan organisasi korporat yang dinamiklagi kreatif yang merupakan asas kepadakelangsungan dan kesinambungan JCorp.Berdasarkan rekod kejayaan yang membanggakan,Program Pembangunan Intrapreneur JCorpmerupakan tulang belakang kepada peranan institusiJCorp sebagai sebuah entiti korporat berkaitanKerajaan, yang memberikan justifikasi kepadakewujudannya untuk maju di dalam persekitaranyang dipacu oleh bisnes dan ekonomi global.

Sememangnya, program Intrapreneur JCorpmemberikan keunikan dan kebolehan istimewakepada JCorp untuk bersaing di dalam persekitaranyang penuh dengan cabaran – cabaran hebat. Ianyamemberikan kelebihan dari segi saiz dankepelbagaian bisnes.

Saiz dan kekuatan korporat (yang digambarkandengan kebolehan organisasi untuk mengumpulkansumber dengan banyak bagi menjana tenaga untuk

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meningkatkan pengaruh korporat) merupakan satukelebihan dan aset yang bernilai bagi sesebuahorganisasi dalam persekitaran bisnes masa kini yangpenuh dengan persaingan. Di samping itu, cabaranyang paling besar yang boleh timbul dari faktabahawa gergasi sukar untuk menari. Di sinilah dimana syarikat-syarikat intrapreneur JCorp bertindaksebagai penyambung jurang dengan adanyasemangat keusahawanan yang dinamik lagi beranidan mempunyai kelebihan kreativiti dan fleksibelyang biasanya terdapat di syarikat-syarikat kecil.

Setelah beberapa tahun, JCorp telah membinareputasi di seluruh Negara melalui ProgramPembangunan Intrapreneurnya yang unik dan telahberjaya melahirkan beberapa pengurus-usahawan disyarikat-syarikat tersenarai dan tidak tersenarai didalam Kumpulan JCorp. Kumpulan usahawankorporat yang telah dilatih secara dalaman inidisokong oleh kumpulan Intrapreneur pelapispertengahan dan bawahan yang bergerak sebagaiahli pasukan usahawan yang telah dididik untukmenerajui syarikat-syarikat di dalam Kumpulan dalammenghadapi cabaran pertumbuhan korporat didalam berbagai bidang bisnes.

Konsep Intrapreneur ini telah terbukti nilainya dantelah muncul sebagai satu strategi pilihan bagimembangunkan usahawan dan ahli bisnesBumiputera di masa hadapan. JCorp komited danberazam untuk terus memperbanyakkan lagi peluangke arah keusahawanan bagi melahirkan enterprais-enterprais yang dipacu oleh pasaran dan dapatmenyumbang ke arah pembangunan danpembentukan usahawan “Rumpun Enterprais”.

Konsep “Rumpun Enterprais” JCorp merangkumiIntrapreneur yang menguruskan operasi-operasiJCorp di ibu pejabat dan syarikat-syarikat utama diberbagai peringkat. Ini termasuk pasukanpengurusan yang dipertanggungjawabkan untukmenguruskan Bahagian Khidmat Korporat (termasukPengurusan Harta dan Khidmat Pengurusan Projek)dan Bahagian Bisnes Asas (Bisnes Sawit, Prisihatin,Intrapreneur Venture, Hartanah, Unit PengurusanTabung Amanah dan khidmat pengurusan PihakBerkuasa Tempatan Pasir Gudang). Ia juga meliputisemua rakan kongsi profesional dan bukan pekerjayang mempunyai bidang kuasa untuk membuatkeputusan yang memberikan impak secara langsungkepada pendapatan dan prestasi bisnes syarikat-syarikat tertentu seperti pakar-pakar dan konsultandi dalam pengurusan Bahagian Prisihatin JCorp. Akhirsekali, ianya juga merangkumi pengurusan bisnesIntrapreneur, dan secara meluas, termasuk rakankongsi, pembekal, francais, vendor, kontraktor danpenyewa-penyewa bangunan.

Klasifikasi umum JCorp terhadap Intrapreneur dansyarikat-syarikat mereka telah membentuk kumpulanRumpun Enterpraisnya. Secara umum, individu-individu dan kumpulan Intrapreneur ditempatkansecara tersusun di unit-unit bisnes berasaskankeuntungan, syarikat-syarikat dan Bisnes Bahagiandi dalam Kumpulan. Satu kelebihan tersendiriProgram Pembangunan Intrapreneur JCorp(berbanding pembangunan usahawan konvensional)ialah ianya direka bentuk untuk memberikanpendedahan bisnes melalui perpindahan antarabisnes, yang mungkin sukar dilaksanakan sekiranyakerjaya seseorang eksekutif itu terikat kepadakedudukan ekuitinya.

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Kesimpulan

Persekitaran bisnes baru global telah merencanakanbahawa sekiranya sesebuah ekonomi ingin mencapaitahap ekonomi mapan yang menjurus kepadakemewahan rakyatnya, sebenarnya tiada pilihanselain dari mencapai kadar pertumbuhan yang tinggidan menerima pakai model kapitalis yangmenekankan persaingan dan pacuan pasaran. Dalammenghadapi cabaran baru realiti ini dan mengambilkira bahawa terdapatnya jurang ekonomi di antarakaum yang masih merupakan agenda utamaKerajaan, adalah sangat penting fokus ditumpukanke arah pembentukan semula konsep dan programtindakan yang mampu memberikan nilai yang positif.

Oleh yang demikian, satu kewajipan bagi negaraMalaysia ialah untuk mengesampingkan instrumenpolisi campur tangan dan mengkaji semula peranankeistimewaan serta polisi yang terlalu mengekanginstitusi-institusi dan menggantikannya denganinstrumen yang mesra-pasaran dan institusi .Pembangunan kendiri dan transformasi JCorp kepadasebuah “Institusi Korporat Amanah” yang telahdilaksanakan secara terancang serta beroperasiberlandaskan asas pasaran boleh menjadi salah satustrategi ke arah pengurusan inst i tus i secaraautonomi. Adalah dijangkakan bidangkeusahawanan, percaturan institusi yang menjananilai menjanjikan senario ekonomi dan politik negarayang mantap bagi tempoh jangka masa panjang.

Di sinilah terletaknya kekuatan institusi JCorp. JCorpmempunyai lebih tiga puluh tahun pengalamandalam memperbaiki kedudukan ekuiti danpengagihan kekayaan dalam situasi pasaran yangtidak stabil melalui inisiatif keusahawanan yang

kreatif. Dihasilkan dan direka bentuk melalui “PelanInduk Penstrukturan Semula Korporat” (PIPK), JCorpsentiasa bersedia, mampu dan sanggupmenyumbang lebih banyak lagi. Malahan ia adalahsebuah institusi yang wujud serta komitedsepenuhnya dalam memainkan peranan untukmemperbaiki ketidakseimbangan. Melalui ProgramPembangunan Intrapreneur dan konsep “RumpunEnterprais”, keterampilan JCorp sebagai sebuahorganisasi korporat Malaysia yang merupakan salahsatu benteng korporat Malaysia yang mampumenangani cabaran di peringkat global .Sesungguhnya, pendekatan bisnes, polisi mesra-pasaran dan pendekatan keusahawanan JCorp telahmenyumbang kepada peningkatan kapasiti negaradalam meningkatkan saiz penguasaan pasaran dansememangnya ini adalah formula yang efektif bagimenjana pertumbuhan ekonomi dengan pantas.

Konsep korporat dan model bisnes JCorp sebagaiInstitusi Amanah Korporat yang dipacu pasaran bolehdipertimbangkan sebagai satu opsyen bagi Malaysiauntuk bertindak balas terhadap cabaran dankekuatan kuasa kapitalis global . ProgramIntrapreneur JCorp mempunyai banyak kelebihanjangka panjang berbanding konsep konvensionalkeusahawanan yang biasa.

Akhirnya, jelas diperhatikan bahawa pemilikaninstitusi memberikan sumbangan yang agak banyakdalam membina satu asas sosial negara, yang manasangat kritikal bagi mengekalkan kedaulatan negaradan kesepaduan sosial kerana program Intrapreneurmelibatkan pemilikan ekuiti majoriti oleh JCorp yangbertindak sebagai sebuah institusi amanah milikmasyarakat secara umum. Struktur sebegini akandapat mengelakkan berlakunya pengagihankekayaan yang t idak se imbang d i ka langanmasyarakat dan aset – aset ekonomi yang beratsebelah kepada golongan masyarakat yang beradadan mewah.

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JCorp’s Intrapreneur Development ProgrammeA Corporate Strategy Option in Managing the Paradox of Maximising Profits and Delivering Malaysia’sNational Policy Objectives of Developing Bumiputera Entrepreneurs

JCorp has a unique and vital role to play in Johor’sand the nation’s future economic development andparticularly in fulfilling the affirmative actioncomponent of the national policy objectives. Indeed,the biggest corporate challenge is managing theparadox of maximising profits on the one hand, andon the other, to make a success of National Policy ofcreating a sizeable number of Bumiputera entrepreneurswithin the framework of Bumiputera Commercial andIndustrial Community (BCIC) objectives.

Conventionally, entrepreneur development objectiveswithin the context of BCIC are regarded more as aCorporate Social Responsibility (CSR) undertaking,consequently expected to be treated as a financialburden and a cost centre activity. This is whereJCorp’s Intrapreneur Development Programme standsout with a difference, as it has a track record ofalmost three decades of being undertaken as a fullyfor-profit corporate activity.

Business-driven

The unique feature of JCorp’s method in performingthis role, is particularly found in its business-drivenapproach in making a success of the Programme,undertaken as part and parcel of a corporate exerciseto be efficiently and effectively managed as anycommercial venture should. In fact it will be observedthat JCorp’s entrepreneur development programmehas become a key component of its own corporategrowth and expansion strategy, with the Corporation’space and direction of growth being largelydetermined by the rate of success achieved in itsentrepreneur development, or more appropriately, itsIntrapreneur development programme.

It should also be mentioned that JCorp had also infact used the Intrapreneuring concept as a strategiccomponent in its turnaround that had seen itthrough the worst impact of the 1997 economiccrisis. JCorp was strongly financially challenged andhad to fight for survival as a business entity. In thisit had no choice but to resort to downsizing andrestructuring. JCorp had in fact used the IntrapreneurDevelopment concept to strategically redefine JCorp’scorporate organisation structure. Throughintrapreneuring, JCorp had in fact facilitated the stepstaken to “unbundle” itself and “download” corporateoverheads. Many cost centres were successfullyconverted to newly created profit centres builtaround outstanding Intrapreneurs.

Back to the BCIC agenda, the entrepreneurdevelopment programme was undertaken by JCorpwith focus on several fronts, zeroed on two sets oftarget groups. The first target group involvedfacilitating entrepreneurial development and creatingbusiness opportunities aimed at increasing thenumber and enhancing quality of externalBumiputera businessmen. The second no lessimportant target group, on the other hand, involveddeveloping Intrapreneurs (i.e. corporate entrepreneursor manager-entrepreneurs) from among JCorp’s ownteams of executives to provide corporate leadershipin managing assets and enhancing value of theCorporation’s own business units and profit centres.It is the second latter component in particular thatprovided the strategic link to the Corporation’s owngrowth and expansion strategy.

An intrapreneur refers to JCorp Group’s salariedexecutive employed directly in the service of theGroup assigned with the responsibility for undertaking

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entrepreneurial decisions, often as head of a businessunit or a subsidiary company of JCorp. Within thecontext of JCorp’s corporate practice therefore,Intrapreneurs differ in the sense that they are notlinked to share ownership of the business unit.Unlike entrepreneurs, for Intrapreneur shareownership is not a defining criterion. Thus, within theJCorp Group, the vast majority of executives orIntrapreneurs who drive its business units are notshareholders nor have they ever been promised withany stock option schemes or such.

The Corporation’s external entrepreneurialdevelopment programme, on the other hand, wasalso undertaken on a broad front. It was integratedwith programmes to develop shopping complexesand shop houses, with priority for tenancy and salesgenerally given to Bumiputera businessmen. It alsoinvolved a systematic, merit-based award of contractsfor construction services to Bumiputera contractorsfor jobs below a certain value limit. Another formof the programme is enhancement of assetownership (and hence indirectly, leaving a positiveincome and wealth effect) through priority given toBumiputera in sale of residential properties,particularly for industrial workers.

At the same time, courses and training programmeswere offered especially by the purpose-built InstitutPembangunan Pengurusan Johor (IPPJ) and PUSPATRIto upgrade Bumiputera managerial skills and relevantcompetencies. The need for Bumiputera businessnetworking was also facilitated through theestablishment of the business club BISTARI by JCorpwhich also sought to instil interest in business andthe inculcation of a business culture among students

at secondary school level through a unique state-wide “Tunas Bistari Programme”. This programmewas recently extended to University undergraduatesthrough the establishment of the “Siswa BistariProgramme” at the Universiti Teknologi MARA branchcampus in Segamat, Johor.

Hands-on Intrapreneurs

The core element in JCorp’s IntrapreneurDevelopment Programme has to be the coachingand mentoring component, largely done internallyand on-the-job as executives serve their day-to-dayfunctions. At the same time, formal training wouldalso be undertaken, subsequently institutionalisedthrough the establishment of Akademi PembangunanIntrapreneur (API), in 1998. Nevertheless, JCorp’sIntrapreneur Development programme is dependentmore on hands-on approach involving selectedexecutives to form part of teams assigned to makecommercial success out of autonomously managedbusinesses.

Over the years, the Corporation in fact hasestablished a national reputation in its uniqueintrapreneur development programme which hassuccessfully thrown up several outstandingentrepreneur-managers who are today managinglisted and unlisted companies in the Group. Thisgroup of internally developed corporate leaders arefurther supported by several layers of young secondand third-liner Intrapreneurs who, as members ofteam entrepreneurs, are groomed to lead thecompanies in the Group in facing up to futurechallenges for corporate growth.

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Indeed, leading Intrapreneurs within the Group whoare managing its core businesses today were theproduct of tested and exposed executives who had“cut their teeth”, several even in managing failedenterprises early in their careers. Two leadingexemplary Corporate Intrapreneurs who haveemerged include the Managing Director of Kulim(Malaysia) Berhad (Kulim) and the Managing Directorof KPJ Healthcare Berhad (KPJ Healthcare), two ofJCorp’s Core Business Divisions.

JCorp’s intrapreneur who subsequently became theManaging Director (MD) of Kulim, Haji Ahamad BinMohamad, had in fact claimed himself to be agraduate of JCorp’s yet-to-be-licensed university,namely the University of Stress, Suffering, andIndignity or USSI. “USSI” is actually taken from acompany’s initials, which stood for “United StainlessSteel Industry Sdn Berhad” - a joint-venture companywith Singapore partners to manufacture stainless steelutensils to which the intrapreneur involved wasseconded in his early career.

The USSI business had failed miserably and theintrapreneur was subsequently assigned to manageseveral other businesses within the Group, before hisfinal assignment to Kulim. He has been with theJCorp Group for more than 20 years and as MD ofKulim, has been responsible for growing Kulim intoone of Malaysia’s most successful Palm Oilcompanies. Kulim is today certainly also one ofMalaysia’s top oleo chemicals company, as well ascommanding a leading regional presence in Indonesia,Papua New Guinea and the Solomon Islands.

Kulim MD’s intrapreneurial talent and energy hadbeen instrumental in building the Group’s palm oil

business from its modest beginnings into close to aRM 2 billion business (in terms of annual turnover),employing more than 18,000 workers. Theachievement is made more outstanding by the factthat Kulim has established a formidable reputationthrough entrepreneurial moves made in many aspectsof the business including agricultural husbandry,plantation management practices, estatemechanisation, regional diversification, and in takingentrepreneurial decisions to venture, create and addtremendous value downstream into oleo chemicals.

Kulim has been listed on the main board of BursaMalaysia for the last 30 years and currently theGroup manages a total of 148,460 hectares of oilpalm plantation, as well as owning one of the largestoleo chemical plants in the world. For the yearunder review, Kulim recorded a remarkable pre-taxprofit of RM 284.88 million.

The Corporation’s second core business pillar is in KPJHealthcare. KPJ Healthcare is the single mostoutstanding example of JCorp’s formidableachievement of building a multi-million Ringgitbusiness from scratch utilising the Intrapreneurdevelopment concept. The Intrapreneur in KPJHealthcare’s case is Datin Paduka Siti Sa’diah BintiSheikh Bakir.

From a modest, non-controlling stake in just onehospital in Johor Bahru that commenced business in1981, JCorp’s team of Intrapreneurs (especially inKumpulan Perubatan Johor Sdn Berhad, whichsubsequently became the listed KPJ HealthcareBerhad) under Datin Paduka’s leadership havesuccessfully built the business from zero base into achain of 16 specialist hospitals. Of these, 13 hospitals

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are in Malaysia, establishing the Group as Malaysia’smarket leader in the business. The other twospecialist hospitals are located in Jakarta and Padang,Indonesia. Recently, KPJ Healthcare had also enteredinto an agreement to provide its hospitalmanagement services in Dhaka, Bangladesh.

The KPJ Healthcare team of Intrapreneurs’ formidablereputation, was further buttressed by its enviabletrack record of acquiring and turning around hospitalcompanies such as Tawakal Specialist Hospital inKuala Lumpur, Kuantan Specialist Hospital, KedahSpecialist Hospital in Alor Star and Puteri SpecialistHospital in Johor Bahru. These are indeed classicexamples of successful acquisitions and quickturnarounds (in all cases within a year from the take-over) of private sector enterprises by a publicenterprise entity at that point in time. KPJ Healthcarewas highly successful in converting these hospitalswith several million-Ringgit of losses into enterprisesdelivering valued healthcare services to meet with theneeds and high expectations of an ever-growingnumber of patients throughout the country. Inaddition, KPJ Healthcare had been able to build well-designed and fully equipped, top-flight hospitals tomeet with the higher expectations of an increasinglysophisticated patient profile.

KPJ Healthcare is currently the leader in Malaysia’sprivate healthcare sector, operating a total of 1,441licensed beds, served by 272 highly experienced,professional, skilful and well-trained resident medicalconsultants, 118 visiting medical consultants and alsosupported by 4,155 nursing staff, paramedics andancillary staff offering a range of specialist services.Most of all, KPJ Healthcare’s Intrapreneurs were ableto do all these, create value and record respectable

profits. For financial year 2004, KPJ HealthcareBerhad recorded a commendable pre-tax profit ofRM 40.65 million.

Planting the Seeds for Long Term CorporateGrowth and Sustained Value Creation

Obviously, long-term corporate growth can only beassured where there is a will to continuously plantnew seeds that is supplemented by the courage toseize new business opportunities and continue toventure into uncharted waters. All these, in themeantime, are to be undertaken through peopleenabled by systems and structures, backed by assetsand resources, and motivated by values and attitudetowards business that will translate into a corporateformula to better manage risks and perform. AtJCorp this formulae is encapsulated in its IntrapreneurDevelopment Concept.

Encouraged by the successes of Kulim and KPJHealthcare, JCorp continued to focus on “growing”Intrapreneurs and expanding its IntrapreneurDevelopment Programme. One of the most effectiveways to succeed in developing Intrapreneurs is toestablish many small businesses and use them as‘incubators’ to nurture inexperienced and noviceexecutives, with the aim of developing among themoutstanding businessmen with the entrepreneurialtalent to lead JCorp’s future core businesses to matchKulim and KPJ Healthcare.

This approach allows risks to be limited to smalloperations that can afford a higher rate of failure,while the bigger businesses are reserved for“growing” those who have proven their worth. JCorp’s

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institutional role was instrumental and indeed criticalto deliver the success of this programme. Given thatuniversally, 80 percent of business start-ups do notlast beyond the fifth year, institutionalising thecollective effort under the corporate umbrella of anorganisation such as JCorp is indeed one of the mostresource-effective ways to get long term results.

Such unique Intrapreneur Scheme was officiallylaunched in 1999 with the main objective of fulfillingJCorp’s role to produce a generation of young,resilient and competent Bumiputera entrepreneursand to provide the opportunities and institutionalinfrastructure to train and enhance the managementskills and business acumens of executives throughsharing of experiences and core competencies withinthe JCorp Group with the pool of available assetsand human capital resources.

In fact it will be observed that JCorp’s IntrapreneurDevelopment Programme subsequently became akey component of its own corporate growth andexpansion strategy, with JCorp’s pace and direction ofgrowth being largely determined by the rate ofsuccess achieved in its Intrapreneur DevelopmentProgramme.

Change and Innovation

The impact of the 1997 crisis had taught JCorp manylessons. Among the lessons relevant to theIntrapreneur Development Programme was the needto fine-tune its success formula. In particular JCorprealized that an army of small companies cannot beeffectively managed as dynamic, autonomousenterprises if all the buttons had to be pressed from

the centre. Hence, structure and systems need to bechanged to allow for entrepreneurial discretion, yetwithout losing total control.

The most important innovation was JCorp’sintroduction of a direct ownership element to theprogramme, as JCorp had realised that companies inthe Group had, over time, been weakened by thelack of “ownership” commitment on the part ofexecutives. Steps had therefore been taken to shareboth the risks and rewards from enterprisedevelopment through the offer of a maximum 25 percent equity stake to Intrapreneurs involved(subsequently officially referred to as IntrapreneurSME – Skim Milikan Ekuiti or Intrapreneur EquityOwnership Scheme). This is a definite departurefrom the traditionally held policy of JCorp exclusivelyowning total equity in all its businesses.

Irrespective of the minority ownership offer, JCorp’sintrapreneuring concept is fundamentally notownership focused. It is still very highly people-focused, emphasizing more on the peopledevelopment aspect, “growing” people, releasingenergies of Intrapreneurs and developing their fullpotential as professional managers who happen toalso make entrepreneurial-type decisions aimed atcreating and accumulating wealth for long termbenefit of JCorp as a corporate organisation. Theoffer of a stake in the equity of the enterprise,though, is intended to provide Intrapreneurs involvedwith greater willingness to assume ownership riskswhile at the same time legitimising their authorityand empowering them to personally take charge anddrive their respective businesses to success. Overtime it was observed that the heavy hand of theCorporation’s bureaucracy had often taken its toll on

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the spirit of enterprise among many managers,sapping their will to take risks and make bolddecisions, resulting in a higher rate of past failuresamong intrapreneurial entities.

The imperative of bureaucracy had resulted in thenegative development of a kind of culture ofconformity and had allowed mediocrity to creep in,ending up with companies being so listless that theywere unable even to prevent business calamity ontheir own especially when faced with crisis. A fewhad in fact ultimately suffered from systems failure,hence even tolerating integrity compromises andbecoming dangerously indifferent to blatant unethicalpractices.

Among the major reason is the fact that decisionmaking at enterprise level was often weighed downby the excessive use of authority on the part of non-accountable and often remote directors and headoffice senior executives. On the other hand, principalswere so distant that a “hands off” situation had finallyresulted in no one caring for what happened, endingwith assets and companies being left in a lurch. Theoffer of partial ownership is expected to placeauthority where it belongs; to bring back a strongsense of ownership, rejuvenate enterprise, re-establishleadership drive and rekindle the entrepreneurial spiritat the level of the Intrapreneurs themselves.

When JCorp first instituted the most radical changeon its intrapreneur development concept through theintroduction of a direct ownership element to theScheme, the first batch of six Intrapreneurs who hadparticipated were offered a maximum of 25 percentequity stake in the companies that they wereinvolved in. The six pioneering companies were JTP

Trading Sdn Berhad (JTP), Pro-Office Bulk Mailing SdnBerhad (POBM), Tepak Marketing Sdn Berhad (Tepak),Metro Parking (M) Sdn Berhad (Metro), AquapreneurSdn Berhad (Aquapreneur) and Metro Parking (S) PteLtd (Metro Singapore).

Subsequent to the launch of Intrapreneur ownershipor risk and reward-sharing Scheme, the companiesinvolved showed tremendous improvement in theirperformance both in terms of turnover andprofitability. In 2000, their combined turnoverincreased dramatically by 23.2 percent to RM 67.86million whilst their financial results improvedsubstantially from a loss before tax of RM 3.62 millionin 1999 to a pre-tax profit position of RM 3.87million in 2000.

The marked improvement in their performance wasdefinitely an early testimony to further success ofJCorp’s Intrapreneuring Programme. More importantly,the success indicated the willingness of theIntrapreneurs involved to assume ownershipresponsibilities while at the same time underlining theanticipated motivational force derived from a greaterlegitimisation of their corporate authority that hadempowered them to personally take charge and drivetheir respective businesses to success.

Sure enough, this change and innovation had notonly shown amazingly strong entrepreneurial driveamong the Intrapreneurs but had also translated intobetter results for the companies and the Group sincethe implementation. As part owner of theirrespective companies, the Intrapreneurs are exposedto a truly business-driven climate for performancewith its full trimmings of risks and returns.

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Greater Risk Exposure

JCorp’s record of success in intrapreneur developmenthas not been without its costs. In the pursuit of itsgoal to build an entrepreneurial organisation and, inparticular, in developing its own critical mass ofcorporate Intrapreneurs, JCorp had to take on agreater amount of risk exposure than mostconventional business organisations.

More so considering that it does not have theadvantage of investing in personalities with provenentrepreneurial track record and buying the bestbusiness talent from the market as is the commonpractice of other conventional enterprises. Moreoften than not, by definition and deliberate choice,JCorp has to identify and develop its own core ofbusiness talent from among Bumiputera candidateswho are deprived of the advantage of any businessexperience, nor exposed to relevant business-culturalbackground.

The selection process for Intrapreneur prospects hadtherefore been designed to be deliberately stringent.Other than his interest, enthusiasm and motivation,other principal criteria for selection emphasises onexecutive’s basic business skills, competencies andrelevant professional background as well as anassessment over his potential capability incontributing towards value enhancement of assetsand businesses that he is charged with. The selection

process is particularly biased towards personalitieswho are self-starters, are not risk-averse and whowant to make a difference.

As at 30 March 2005, based on these demandingcriteria, JCorp had developed 30 intrapreneurcompanies under the management of 46 talentedand capable Intrapreneurs. The Corporation plansto have up to at least another 200 such companiesby the year 2015. It has to be observed, though, tobetter manage risks, JCorp had deliberately shiedaway from getting its Intrapreneurs involved indemanding green fields’ start-ups and high-riskbusiness ventures such as in high-technology, bio-technology and similar sectors.

Companies under the JCorp’s Intrapreneur Schemeare involved in a diverse range of businesses, manyare even simple and uncomplicated, so that they canprovide a greater chance of success for less-experienced and little-exposed Intrapreneurs. Amongthese would include food processing and packaging,management of car parking, forwarding, shippingand logistic agency, insurance broking, portfoliomanagement, bulk mailing services, tiger prawnbreeding, Information Technology services, officesupport services, retail pharmacy, travel agency andcompany registrar services.

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The table below shows the list of the intrapreneur companies, the type of businesses and the Intrapreneurs asat 30 March 2005 :-

COMPANY BUSINESS ACTIVITIES INTRAPRENEURSUnder Sindora Berhad

1 Epasa Shipping Agency Sdn Berhad Forwarding, Shipping and logistic services Encik Ab WahabBin Mohd Taib2 JMF Asset Management Sdn. Berhad Portfolio Management § Encik Mohamed Azahari BinMohamed Kamil§ Mr. Tai Siong Choi3 Metro Parking (M) Sdn Berhad Management of car park areas Encik Halmi Bin Jasmin4 Metro Equipment Systems Sdn Berhad (1) Car Parking Equipment Supplier Encik Fadzil Bin Md Noor5 Metro Parking (B) Sdn Berhad(1) Management of car park areas Encik Yusuf Bin Ismail6 Metro Parking (S) Pte Ltd. (1) Management of car park areas Mr. Tyrone Lopez7 Pro Office Bulk Mailing Sdn Berhad Bulk Mailing Encik Bukhari Bin Abd Rahman8 Tepak Marketing Sdn Berhad Processing and packaging of TeaEncik Abd Rahman Bin Sulaiman9 Willis (Malaysia ) Sdn Berhad Insurance Broker Encik Abdullah Bin Md Zahid

Under JCorp Group (2)10 Aquapreneur Sdn Berhad Tiger Prawn Breeding § Encik Wahab Bin Aman Mohamed§ EncikRawi Bin Haji Ali and 12 other Intrapreneurs11 Capaian Aspirasi Sdn Berhad Sale of ‘Khairat’ products and Corporate Agent for Takaful NasionalEncik Azhar Bin Ariffin.12 Excellent Relations Sdn Berhad IT Services Encik Syed Omar Bin Syed Abdullah13 Genuine Victory Sdn Berhad Management Company for Tiger Prawn Breeding ActivitiesE n c i kZulman Bin Shariff14 Great Allied Sdn Berhad Autoblasting and painting of steel materials Encik Ashaari Bin Salikin15 Harta Management Facilities Sdn Berhad Provision of Technical Services for Commercial BuildingsEncik ‘Ala bin Mansor16 HC Duraclean Sdn BerhadCleaning contractorEncik Azhari Bin Abdul Hamid17 Healthcare Technical Services Sdn Berhad Hospital Project Management & commissioning EncikYahya Bin Hassan18 IPPJ Sdn Berhad Entrepreneur Development Centre Encik Zamri Bin Norani19 JKing Sdn Berhad20 Johor Land Manufacturing Sdn Berhad Manufacturer of Steel Door Frame Encik Norhisham Bin Atan21 JTP Trading Sdn Berhad Sales Agent for Tropical Fruits (Banana & Pineapple) Encik Nasharuddin BinShukor22 M-Perkasa Services Sdn Berhad Workshop Encik Mahizan Bin Mahmood23 Open Access Sdn Berhad Pharmaceutical Outlet Cik Fawziah Binti Mohammad

Company Business Activities Intrapreneurs

Intrapreneur Venture, Sindora Berhad

1 Epasa Shipping Agency Sdn Berhad Forwarding, Shipping and LogisticServices Encik Ab Wahab Bin Mohd Taib

2 JMF Asset Management Sdn Berhad Portfolio ManagementEncik Mohamed Azahari Bin Mohamed KamilMr. Tai Siong Choi

3 Metro Parking (M) Sdn Berhad Management of Car Park Areas Encik Halmi Bin Jasmin

4 Metro Equipment Systems Sdn Berhad (1) Car Parking Equipment Supplier Encik Fadzil Bin Md Noor

5 Metro Parking (B) Sdn Berhad (1) Management of Car Park Areas inBrunei Encik Yusuf Bin Ismail

6 Metro Parking (S) Pte Ltd. (1) Management of Car Park Areas inSingapore Mr. Tyrone Lopez

7 Pro Office Bulk Mailing Sdn Berhad Bulk Mailing Services Encik Bukhari Bin Abd Rahman

8 Tepak Marketing Sdn Berhad Processing and Packaging of Tea Encik Abd Rahman Bin Sulaiman

9 Willis (Malaysia) Sdn Berhad Insurance Broker Encik Abdullah Bin Md Zahid

JCorp Group of Intrapreneur Companies

10 Aquapreneur Sdn Berhad Tiger Prawn BreedingEncik Wahab Bin Aman MohamedEncik Rawi Bin Haji Aliand 12 other Intrapreneurs

11 Capaian Aspirasi Sdn Berhad Sale of 'Khairat' Products andCorporate Agent for Takaful Nasional Encik Ismail Bin Mat Ali

12 Excellent Relations Sdn Berhad IT Services Tuan Syed Omar Bin Syed Abdullah

13 Genuine Victory Sdn Berhad Management Company for TigerPrawn Breeding Activities Encik Zulman Bin Shariff

14 Great Allied Sdn Berhad Autoblasting and Painting of SteelMaterials Encik Ashaari Bin Salikin

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24 Perkasa Mech. & Engineering Sdn Berhad Workshop Encik Ibrahim Bin Abu Bakar25 Pro Communication Services Sdn Berhad Billboard advertising and graphic design § EncikYasid Bin Shahilan§ Encik Zakaria Bin Mohamad26 Pro-Corporate Management Sdn Berhad Secretarial services, share registar and Business CentreEncik Hishamuddin Bin Mohammed27 Pro Office Shoppe Sdn Berhad Office Centre Services § Encik Abdul Hamid Bin Shahdan§Encik Mazrol Nizam Abdullah28 Sejahtera Farma Sdn Berhad Pharmaceutical Outlet Puan Fuziana Ibrahim29 Sindora Timber Sdn Berhad Manufacturing of Timber Encik Mahat bin Denan30 Tiram Travel Sdn Berhad Travel Agency Encik Md Yusoff bin Ghaffar

Note: (1) Subsidiary of Metro Parking (M) Sdn Berhad

Company Business Activities Intrapreneurs

JCorp Group of Intrapreneur Companies

15 Harta Facilities Management Sdn Berhad Provision of Technical Services forCommercial Buildings Encik 'Ala Bin Mansor

16 HC Duraclean Sdn Berhad Cleaning Contractor Encik Azhari Bin Abdul Hamid

17 Healthcare Technical Services Sdn Berhad Hospital Project Management &Commissioning Encik Yahya Bin Hassan

18 IPPJ Sdn Berhad Entrepreneur Development Centre Encik Zamri Bin Norani

19 JKing Sdn Berhad Production and Marketing of SportsAttire Encik Norisman Bin Ismail

20 Johor Land Manufacturing Sdn Berhad Manufacturer of Steel Door Frame Encik Norhisham Bin Atan

21 JTP Trading Sdn Berhad Sales Agent for Tropical Fruits(Banana & Pineapple) Encik Nasharuddin Bin Shukor

22 M-Perkasa Services Sdn Berhad Workshop Services Encik Mahizan Bin Mahmood

23 Open Access Sdn Berhad Pharmaceutical Outlet Cik Fawziah Binti Mohammad

24 Perkasa Mech. & Engineering Sdn Berhad Workshop Services Encik Ibrahim Bin Abu Bakar

25 Pro Communication Services Sdn Berhad Billboard Advertising and GraphicDesign

Encik Yasid Bin ShahilanEncik Zakaria Bin Mohamad

26 Pro-Corporate Management Sdn Berhad Secretarial Services, Share Registrarand Business Centre Encik Hishamuddin Bin Mohammed

27 Pro Office Shoppe Sdn Berhad Office Centre Services Encik Abdul Hamid Bin ShahdanEncik Mazrol Nizam Bin Abdullah

28 Sejahtera Farma Sdn Berhad Pharmaceutical Outlet Puan Fuziana Ibrahim

29 Sindora Timber Sdn Berhad Manufacturing of Timber Encik Mahat Bin Denan

30 Tiram Travel Sdn Berhad Travel Agency Encik Md Yusoff Bin Ghaffar

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For the year ending 31 December 2004, theaggregated revenue for the Intrapreneur companiesabove reached RM 199.60 million, with a respectablepre-tax profit of RM 18 million.

Attracting Outsiders to Become JCorpIntrapreneurs

In the pursuit to develop more Intrapreneurs and casta wider net, JCorp had recently instituted furtherchange by welcoming into its circle of Intrapreneursfrom among entrepreneurs, managers, executives andbusinessmen outside the JCorp Group. To qualify,they must similarly possess the skills, talent andexpertise in their respective businesses and possess asolid track record of growing a business. For thiscategory of Intrapreneurs, JCorp would in particularfavour those who have plans to expand theirbusinesses that requires input advantages that JCorpcan offer, as well as being prepared to adopt andadapt themselves to doing business on acorporatised and more structured business format.

Among the advantages that JCorp Group wouldextend to the benefit of the prospective intrapreneurcandidates would be to provide all the corporateinstitutional support which can make a difference tothe venture. For example, JCorp Group’s access togreater resources, wider network and longer reachwould go a long way. Similar advantages that areavailable to JCorp’s core businesses and especially itsPublic Listed Companies shall also be madeaccessible to intrapreneur candidates. One distinctadvantage would be the access to Sindora’sIntrapreneur Venture (IV) programme.

Six such privileged companies accepting Sindora’s IVconcept are POBM, Tepak, Willis, JMF Asset, Metroand Epasa Shipping Sdn Berhad (Epasa). For the year2004, five of these companies excluding Epasa (whichonly joined Sindora IV in 2005) had contributed anaggregate of RM 54.36 million in revenue and pre-tax profit of RM 8.59 million, contributing to asubstantial 44.10 percent of Sindora’s total pre-taxprofit.

This new move had also proven very successfulespecially so for the two companies, namely Willisand JMF Asset which had originated as externallygrown businesses. These two companies had decidedto come on board into the JCorp Group after theindividual entrepreneurs involved were convinced ofthe distinct advantages of being a member of theJCorp Group’s intrapreneur companies.

This confidence had earned dividends for them andto date JCorp has a formidable track record ofsuccess in strategic partnerships with such talentedand professional individuals. Many similar successstories were also recorded when the intrapreneurconcept was extended to medical consultants andspecialist doctors who conduct their own respectivepractises as business units within KPJ HealthcareGroup’s hospitals.

To ensure success of the intrapreneur companies andreduce the risk of failures especially for start-ups,JCorp’s Intrapreneur Programme is fullycomplemented by a comprehensive corporateinfrastructure, the back-up of its vast business reachand network, as well as by the coaching support andhand-holding when necessary, particularly for freshintrapreneurs. This is possible through JCorp’s ability

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to mobilise energies of tested and experienced leadIntrapreneurs within the JCorp Group, harnessing anddirecting them towards effective guiding andcoaching. It is also further emphasised via devotinga specific department called the Business IntrapreneurDepartment at JCorp’s head office with the principaltask of supporting growth, facilitating and providingall the coaching needed by Intrapreneurs to succeedin their respective businesses.

In addition to that, the structure for theremuneration, recognition and reward for success forthe intrapreneurs were also revised, made moretransparent and less arbitrary. In particular, they arealso linked to economic value added (EVA) principles,observed to be a powerful systems-driven, self-motivating mechanism and is being incrementallyadopted on Group-wide basis by JCorp.

Intrapreneur Development and JCorp’s FutureInstitutional Role

The conceptual validity of JCorp’s intrapreneurdevelopment approach and its role and place in theBCIC scheme and in realizing the Bumiputeraentrepreneur development aspirations have obviouslybeen well established and are beyond dispute. Theeffectiveness of the intrapreneur approach hascertainly been well recognised based upon itsformidable track record of successes achieved to-date.

Not only are these successes proven by JCorp’simproved performance and remarkable turnaroundafter crisis, but more important, they are evident fromthe high motivational force released among the

executive Intrapreneurs themselves. The intrapreneurconcept’s ability to instil the spirit of enterprise fromamong so many executives and managers, in thefinal analysis, is the factor that makes the difference.

JCorp is confident that its Intrapreneur businesses willbecome the engines of its future growth, theprincipal source of corporate dynamism and creativityso essential to the Corporation’s survival andcontinuation. With its past formidable track record,JCorp’s Intrapreneur Development Programme hadsimilarly given a strong endorsement to JCorp’sinstitutional role as a Government-linked corporateentity, justifying its presence going forward in adynamic and highly business-driven global economicenvironment.

Indeed, intrapreneuring gives JCorp it’s unique andextraordinary capabilities to compete in such achallenging environment. For it offers the advantagesboth in size and critical mass as well as nimbleness.

Corporate size and power (as reflected in anorganisation’s ability to mobilise vast resources and towield massive energy and critical mass to enhancecorporate leverage) have their advantages and areinvaluable assets to have on one’s side in today’shighly competitive and combative businessenvironment. On the other hand, the biggerchallenge can also arise from the fact that giants willalways find it difficult to dance. This is where JCorp’sintrapreneur companies serve to compensate, byproviding the entrepreneurial drive as well as thedynamism and daring, the creativity, agility andflexibility often associated with small enterprises.

8 3

Over the years, JCorp has in fact established anational reputation in its unique intrapreneurdevelopment programme which has successfullythrown up several outstanding entrepreneur-managerswho are today managing listed and unlistedcompanies in the Group. This group of internallydeveloped corporate leaders are further supported byseveral layers of young second and third-linerIntrapreneurs who, together as members of teamentrepreneurs, are groomed to lead the companies inthe Group in facing up to future challenges forcorporate growth in various business sectors.

The intrapreneur concept has indeed proven itsworth and is outstanding in its merit as a strategicoption in developing future Bumiputera businessmenand entrepreneurs. The Corporation is committed anddetermined to disseminate entrepreneurialopportunities and spawn market-driven enterprisesthat will ultimately contribute towards thedevelopment and establishment of a “Community ofEnterprises”.

The Corporation’s Community of Enterprisesencompasses Intrapreneurs manning the JCorp’sHeadquarters operations as well as those leadingcompanies and business units at various levels. Itincludes those responsible for the operations ofJCorp’s Corporate Office and Services Divisions(including Property and Project ManagementServices), as well as the teams manning JCorp’sprincipal Core Businesses (Palm Oil, Healthcare,Intrapreneur Venture, Property Development, UnitTrust Management and Pasir Gudang Local AuthorityAdministration Services). It encompasses also allProfessional associates and non-employees who act inpositions that have direct impact on revenues and

business performance of specific companies, forexample, Specialists and Consultants in the service ofJCorp’s Healthcare Division. And lastly, it includesthose who man the intrapreneur businesses, and inthe widest sense of the term, also other associates,suppliers, franchisees, vendors, contractors andtenants.

JCorp’s broad classification of Intrapreneurs and theirrespective companies thus make up the critical massin establishing the Community of Enterprises.Broadly, these individuals and teams of Intrapreneursare organised around profit centres, companies andBusiness Divisions throughout the Group. Onedistinctive advantage of JCorp’s IntrapreneurDevelopment Programme (versus conventionalentrepreneur development) is its built-in ability toenrich an entrepreneur’s business exposure throughinter-business transfers, which is obviously hindered ifan executive’s career is pegged to equity positions.

Conclusion

The new global business climate dictates that nationaleconomies aspiring to achieve high rates of growthas a prerequisite to the long term prosperity of theirpeoples have no alternative but to adopt thecompetitive, capitalist model and be market driven.In facing up to this new reality, given that bridgingethnic economic disparities is still high on Malaysia’snational agenda, it is imperative that focus be alsodirected towards re-conceptualising and redesigningMalaysia’s affirmative action programme.

It is therefore incumbent upon Malaysia to abandonpast interventionist policy instruments and revise the

8 4


role of often patronising, policy-directed institutionsand replace them with market-friendly instrumentsand institutions. JCorp’s deliberate self-developmentand transformation into an autonomous “CorporateTrust Institution” operating fundamentally on marketdisciplines can be one such institutional option. It isenvisaged that such an entrepreneurial, value-creatinginstitutional arrangement augurs well for the long-term national economic and political scenario.

Here lies one of JCorp’s greatest institutionaladvantages. JCorp has more than thirty yearsexperience at correcting gross market distortions interms of equity and wealth distribution throughcreative entrepreneurial initiatives. Reinvented andredesigned through its Corporate RestructuringMaster Plan (CRMP) exercise, JCorp is prepared, ableand willing to do more. It is in fact a ready-madeinstitution totally committed to the role of correctingimbalances. Through its Intrapreneur DevelopmentProgramme and its Community of Enterprisesconcept, it also envisions itself as a national corporateorganisation that can serve as one of Malaysia’scorporate bastions to meet the challenges of a level,global playing field. In effect, JCorp’s business-like,market-friendly and entrepreneurial approachenhances the national capacity to increase “the sizeof the cake” and is indeed a formula conducive tofacilitating a faster pace of economic growth.

JCorp’s corporate concept and business model as amarket-driven Corporate Trust Institution can beconsidered as a viable option for Malaysia to respondto the challenges and powerful forces of GlobalCapitalism. JCorp’s intrapreneuring programme,serving as its main corporate thrust has many long-

term additional advantages compared withconventional entrepreneur-based enterprises.

Ultimately, it will be observed that theinstitutionalisation of ownership can significantlycontribute towards building a nation’s social capital socritical to sustain national solidarity and socialcohesion. For intrapreneuring results in the vestingof majority equity ownership in JCorp hands as atrustee corporate institution owned by society atlarge. Such a situation is more likely to prevent theoccurrence of capitalism’s most damaging andpotentially explosive unintended outcome: namely thegrossly unfair distribution of wealth and economicassets that are skewed always in favour of a tinyminority of the rich and super-rich in society.

86 Laporan Tahunan 2004

laporan kewangan

SIJIL KETUA AUDIT NEGARA MENGENAIPENYATA KEWANGAN JOHOR CORPORATIONBAGI TAHUN BERAKHIR 31 DISEMBER 2004

Penyata kewangan Johor Corporation bagi tahun berakhir 31 Disember 2004 telahdiaudit oleh wakil saya. Pihak pengurusan bertanggungjawab terhadap penyatakewangan ini. Tanggungjawab saya adalah mengaudit dan memberi pendapatterhadap penyata kewangan tersebut.

2. Pengauditan telah dilaksanakan mengikut Akta Audit 1957 dan berpandukanpiawaian pengauditan yang diluluskan. Piawaian tersebut menghendaki pengauditandirancang dan dilaksanakan untuk mendapat kepastian yang munasabah sama adapenyata kewangan adalah bebas daripada kesilapan atau ketinggalan yang ketara.Pengauditan itu termasuk memeriksa rekod secara semak uji, menyemak bukti yangmenyokong angka dan memastikan pendedahan yang mencukupi dalam penyatakewangan. Penilaian juga dibuat terhadap prinsip perakaunan yang digunakan danpenyampaian penyata kewangan secara keseluruhan.

3. Pada pendapat saya, penyata kewangan ini memberi gambaran yang benardan saksama terhadap kedudukan kewangan Johor Corporation dan Kumpulan pada31 Disember 2004, hasil operasi serta aliran tunainya untuk tahun tersebutberdasarkan piawaian perakaunan yang diluluskan.

4. Saya telah mempertimbangkan penyata kewangan dan laporan juruaudit bagisemua subsidiari yang tidak diaudit oleh saya seperti yang dinyatakan dalam NotaKepada Penyata Kewangan. Saya berpuas hati bahawa penyata kewanganberkenaan telah disatukan dengan penyata kewangan Johor Corporation adalahdalam bentuk dan kandungan yang sesuai dan wajar bagi tujuan penyediaan penyatakewangan disatukan. Saya juga telah menerima maklumat dan penjelasan yangmemuaskan sebagaimana yang dikehendaki bagi tujuan tersebut.

87Laporan Tahunan 2004

laporan kewangan

5. Laporan juruaudit mengenai penyata kewangan subsidiari berkenaan tidakmengandungi sebarang pemerhatian yang boleh menjejaskan penyata kewangandisatukan.

( TAN SRI DR. HADENAN BIN A. JALIL )

KETUA AUDIT NEGARAMALAYSIA.

PUTRAJAYA,29 Ogos 2005


laporan kewangan

Laporan Para Pengarah

Lembaga Pengarah dengan sukacitanya mengemukakan laporan tahunan beserta dengan Penyata Kewanganberaudit Kumpulan dan Johor Corporation bagi tahun kewangan berakhir 31 Disember 2004.

KEGIATAN UTAMAKEGIATAN UTAMAKEGIATAN UTAMAKEGIATAN UTAMAKEGIATAN UTAMA

Johor Corporation telah ditubuhkan di bawah Enakmen Johor Corporation (Bil. 4, 1968), (sebagaimanapindaan Enakmen Bil. 5, 1995) sebagai agensi pembangunan dan perusahaan awam. Kegiatan-kegiatanutama Johor Corporation ialah bisnes minyak sawit, pembangunan dan pengurusan hartanah dan pelaburan.Kegiatan-kegiatan utama Kumpulan terdiri terutamanya daripada bisnes minyak sawit, perkhidmatan prisihatin,pembangunan dan pengurusan hartanah, “Intrapreneur Venture” dan pelaburan.

KEPUTUSAN KEWANGANKEPUTUSAN KEWANGANKEPUTUSAN KEWANGANKEPUTUSAN KEWANGANKEPUTUSAN KEWANGAN

Kumpulan Johor CorporationRM Juta RM Juta

Keuntungan Sebelum Cukai 204.7 254.1Cukai (125.1) (8.5)

HHHHHHH HHHHHHHKeuntungan Selepas Cukai Sebelum Kepentingan Minoriti 79.6 245.6Kepentingan Minoriti (75.0) -

HHHHHHH HHHHHHHKeuntungan Bagi Tahun Semasa 4.6 245.6

NNNNNNN NNNNNNN

RIZAB DAN PERUNTUKANRIZAB DAN PERUNTUKANRIZAB DAN PERUNTUKANRIZAB DAN PERUNTUKANRIZAB DAN PERUNTUKAN

Segala pindahan ketara kepada atau daripada rizab dan peruntukan dalam tahun semasa telah dinyatakan didalam penyata kewangan ini.

PERUBAHAN DI DALAM STRUKTUR KUMPULANPERUBAHAN DI DALAM STRUKTUR KUMPULANPERUBAHAN DI DALAM STRUKTUR KUMPULANPERUBAHAN DI DALAM STRUKTUR KUMPULANPERUBAHAN DI DALAM STRUKTUR KUMPULAN

Pada 20 Disember 2004, Johor Land Berhad (“JLB”) sebuah syarikat anak Kulim (M) Berhad (“KMB”), telahmenerbitkan 22,000,000 unit saham-saham biasa baru bernilai RM1.00 seunit kepada Johor Corporationdan dengan itu, menjadi syarikat anak Johor Corporation. Dengan itu juga JLB menjadi syarikat bersekutuKMB.

Pada 9 Jun 2003, KMB telah menandatangani satu Perjanjian Jual Beli untuk mengambilalih 100% saham-saham biasa bernilai RM1.00 seunit di dalam EPA Management Sdn Bhd (“EPA”), sebuah syarikat anak milikpenuh Johor Corporation dengan harga pertimbangan sebanyak RM80,000,000. Dengan itu, pada 28 Julai2004, EPA tidak lagi menjadi syarikat anak milik penuh Johor Corporation, sebaliknya menjadi syarikat anakmilik penuh KMB.

Pada 9 Jun 2003, KMB telah menandatangani satu Perjanjian Jual Beli untuk mengambilalih 6,091,358 unitsaham-saham biasa bernilai RM1.00 seunit yang mewakili 62.03% kepentingan ekuiti di dalam KumpulanBertam Plantations Berhad (“KBPB”) dengan harga pertimbangan sebanyak RM15,060,000. Denganpenyelesaian perolehan tersebut, pada 28 Julai 2004, KBPB, tidak lagi menjadi syarikat anak JohorCorporation, sebaliknya menjadi sebuah syarikat anak KMB.

SKIM PEMILIKAN SAHAM OPSYEN ANGGOTA PEKERJA (“ESOS”)SKIM PEMILIKAN SAHAM OPSYEN ANGGOTA PEKERJA (“ESOS”)SKIM PEMILIKAN SAHAM OPSYEN ANGGOTA PEKERJA (“ESOS”)SKIM PEMILIKAN SAHAM OPSYEN ANGGOTA PEKERJA (“ESOS”)SKIM PEMILIKAN SAHAM OPSYEN ANGGOTA PEKERJA (“ESOS”)

Johor Corporation telah melaksanakan ESOS pada 14 September 2004 untuk tempoh opsyen selama 5 tahunlanjutan daripada Surat Ikatan Amanah di antara Johor Corporation dengan Johor Ventures Sdn Bhd. Butir-butir berkenaan ESOS terdapat di dalam Nota 6 kepada penyata kewangan ini.


laporan kewangan

LEMBAGA PENGARAH JOHOR CORPORATIONLEMBAGA PENGARAH JOHOR CORPORATIONLEMBAGA PENGARAH JOHOR CORPORATIONLEMBAGA PENGARAH JOHOR CORPORATIONLEMBAGA PENGARAH JOHOR CORPORATION

Ahli Lembaga Pengarah yang memegang jawatan semenjak tarikh laporan yang lalu adalah seperti berikut :

YAB Dato’ Haji Abdul Ghani Bin Othman (Pengerusi)YBhg Tan Sri Dato’ Muhammad Ali Bin Hashim (Ketua Eksekutif Kumpulan)YBhg Tan Sri Dato’ Abdullah Bin AyubYB Dato’ Haji Mohd Razali Bin MahusinYB Encik Yaacob Bin Hj Md SamYB Dato’ Haji Ishak Bin Amin (Bersara mulai 12 Disember 2004)YB Dato’ Haji A Karim Bin Hj Hassan (Dilantik mulai 13 Disember 2004)YBhg Tan Sri Datuk Abdul Razak Bin Haji Ramli (Bersara mulai 23 Oktober 2004)YB Dato’ Mohd Sidek Bin Hj Hassan (Dilantik mulai 29 November 2004)YBhg Datuk Zakiah Binti Hashim (Bersara mulai 6 November 2004)Encik Hasan Bin Ismail (Bersara mulai 21 Ogos 2004)YB Dato’ Ab Khalil Bin Ab Hamid (Dilantik mulai 22 Oktober 2004)YB Dato’ Ahmad Bin AbdullahYB Dato’ Dr Haris Bin Salleh

MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGANMAKLUMAT BERKANUN KE ATAS PENYATA KEWANGANMAKLUMAT BERKANUN KE ATAS PENYATA KEWANGANMAKLUMAT BERKANUN KE ATAS PENYATA KEWANGANMAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN

Sebelum Penyata Pendapatan dan lembaran imbangan ini disediakan, para Pengarah telah mengambillangkah-langkah wajar :-

(a) untuk menentukan bahawa tindakan sewajarnya telah diambil berhubung dengan pelupusan hutanglapuk dan membuat peruntukan bagi hutang ragu dan telah berpuashati bahawa semua hutang lapukyang diketahui telah dihapuskira dan peruntukan yang mencukupi telah dibuat bagi hutang ragu; dan

(b) untuk memastikan bahawa sebarang aset semasa, selain hutang, yang tidak mungkin mencapainilainya dalam urusan biasa perniagaan, nilainya seperti yang ditunjukkan dalam rekod-rekodperakaunan Kumpulan dan Johor Corporation telah diturunkan kepada satu nilai yang dijangka bolehdiperolehi.

Pada tarikh laporan ini, para Pengarah tidak menyedari tentang sebarang keadaan :-

(a) yang boleh menyebabkan jumlah hutang lapuk yang dihapuskira atau jumlah peruntukan hutang ragudi dalam penyata kewangan Kumpulan dan Johor Corporation tidak mencukupi dengan jumlah yangketara; atau

(b) yang boleh menyebabkan nilai bagi aset-aset semasa di dalam penyata kewangan Kumpulan danJohor Corporation mengelirukan; atau

(c) yang telah timbul yang menyebabkan pematuhan kepada kaedah penilaian aset atau tanggunganKumpulan dan Johor Corporation mengelirukan atau tidak sesuai.

Tiada tanggungan luar jangka atau tanggungan lain yang telah dikuatkuasakan atau berkemungkinandikuatkuasakan dalam tempoh dua belas bulan selepas dari tarikh akhir tahun kewangan dimana, padapendapat para Pengarah, akan atau boleh menjejaskan keupayaan Kumpulan atau Johor Corporation untukmemenuhi segala tanggungjawabnya apabila tiba masanya.

Pada tarikh laporan ini, tidak terdapat :

(a) sebarang gadaian ke atas aset-aset Kumpulan atau Johor Corporation yang telah timbul semenjakakhir tahun kewangan sebagai sandaran kepada tanggungan pihak lain; atau

(b) sebarang tanggungan luar jangka yang melibatkan Kumpulan atau Johor Corporation yang telah timbulsejak akhir tahun.

Laporan Para Pengarah (sambungan)


laporan kewangan

MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN MAKLUMAT BERKANUN KE ATAS PENYATA KEWANGAN (sambungan)

Pada tarikh laporan ini, para Pengarah tidak menyedari sebarang keadaan yang tidak dinyatakan di dalamlaporan atau penyata kewangan ini yang boleh menyebabkan sebarang jumlah yang dinyatakan di dalampenyata kewangan ini mengelirukan.

Pada pendapat para Pengarah :-

(a) keputusan operasi Kumpulan dan Johor Corporation bagi tahun kewangan ini tidak terjejas secaraketara oleh sebarang perkara, urusniaga atau peristiwa penting dan luarbiasa ; dan

(b) selain daripada yang dihuraikan dalam Nota 32 kepada Penyata Kewangan, di dalam tempoh diantara akhir tahun dan tarikh laporan ini, tidak timbul sebarang perkara, urusniaga atau peristiwayang material dan luarbiasa yang mungkin menjejaskan dengan ketara keputusan operasi Kumpulandan Johor Corporation bagi tahun di mana laporan ini dibuat.

Bagi pihak Lembaga Pengarah

DATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANPengerusi

TAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMKetua Eksekutif Kumpulan

Johor Bahru

11 Julai 2005

Laporan Para Pengarah (sambungan)


laporan kewangan

Kenyataan Oleh Pengarah-Pengarah

Kami, Dato’ Haji Abdul Ghani Bin Othman dan Tan Sri Dato’ Muhammad Ali Bin Hashim, dua daripada Pengarah-Pengarah Johor Corporation, menyatakan bahawa, pada pendapat Pengarah-Pengarah, penyata kewanganyang dibentangkan di mukasurat 93 hingga 167 telah disediakan untuk menunjukkan gambaran yang benardan saksama mengenai hal-ehwal Kumpulan dan Johor Corporation pada 31 Disember 2004 dan juga ke ataskeputusan-keputusan Kumpulan dan Johor Corporation serta aliran tunai Kumpulan dan Johor Corporationbagi tahun kewangan berakhir pada tarikh tersebut menurut piawaian perakaunan berkenaan yang diluluskandi Malaysia.

Ditandatangani bagi pihak Lembaga Pengarah

DATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANPengerusi

TAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMKetua Eksekutif Kumpulan

Johor Bahru

11 Julai 2005


laporan kewangan

Akuan Berkanun

Saya, Jamaludin Bin Md Ali, pegawai utama yang bertanggungjawab terhadap pengurusan kewangan Kumpulandan Johor Corporation, dengan sesungguhnya dan dengan tulus ikhlas mengakui bahawa penyata kewanganyang dibentangkan di mukasurat 93 hingga 167, adalah pada pendapat saya, betul dan saya membuat ikraryang ini dengan ikhlas dan percaya ia adalah benar menurut peruntukkan Akta Akuan Berkanun, 1960.

JAMALUDIN BIN MD ALIJAMALUDIN BIN MD ALIJAMALUDIN BIN MD ALIJAMALUDIN BIN MD ALIJAMALUDIN BIN MD ALIKetua Pegawai Operasi

Ditandatangani dan diakui oleh nama di atas di Johor Bahru pada 11 Julai 2005

Di hadapan saya,

PESURUHJAYA SUMPAH


laporan kewangan

Kumpulan Johor CorporationNota 2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

PENDAPATAN 4 2,543,383 2,138,973 305,793 226,056

Kos Jualan (1,717,277) (1,433,936) (167,947) (110,626)HHHHHHH HHHHHHH HHHHHHH HHHHHHH

KEUNTUNGAN KASAR 826,106 705,037 137,846 115,430

Lain-lain Pendapatan Operasi:

- Keuntungan Di Atas Pelupusan Syarikat Anak 26,175 342 9,256 5,627

- Keuntungan Di Atas Pelupusan Harta, Loji Dan Kelengkapan 7,609 7,036 329,651 6,915

- Pendapatan Faedah

(80,453) 21,228 (85,613) 13,303

- Lain-lain 130,923 130,497 68,569 18,240

84,254 159,103 321,863 44,085

Perbelanjaan Jualan Dan Pengedaran (95,108) (93,958) (4,556) (2,581)

Perbelanjaan Pentadbiran (308,637) (318,191) (53,857) (45,898)

Lain-lain Perbelanjaan Operasi

(98,488) 9,930 34,790 368,107HHHHHHH HHHHHHH HHHHHHH HHHHHHH

KEUNTUNGAN DARIPADA OPERASI 5 408,127 461,921 436,086 479,143

Kos Kewangan 8 (231,210) (243,413) (181,972) (182,626)

Bahagian Keuntungan Syarikat-Syarikat Bersekutu 27,798 44,335 - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH

KEUNTUNGAN DARIPADA AKTIVITI BIASASEBELUM CUKAI 204,715 262,843 254,114 296,517

Cukai : 9- Johor Corporation Dan Syarikat Anak (120,530) (105,181) (8,534) (19,333)- Syarikat Bersekutu (4,575) (4,675) - -

(125,105) (109,856) (8,534) (19,333)KEUNTUNGAN DARIPADA AKTIVITIBIASA SELEPAS CUKAI 79,610 152,987 245,580 277,184

Kepentingan Minoriti (75,044) (88,740) - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH

KEUNTUNGAN BERSIH TAHUN SEMASA 4,566 64,247 245,580 277,184NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Penyata PendapatanBagi Tahun Berakhir 31 Disember 2004

(Termasuk rosotnilai bersih atas nilai pelaburan sebanyakRM44,945,000 ditul is semula (2003 :RM145,235,000) dan RM140,862,000 (2003 :RM381,174,000) untuk Kumpulan dan JohorCorporation masing-masing)

(Termasuk pembatalan pendapatan faedah daripada jualantanah terdahulu RM91,706,000 (2003 : Pendapatanfaedah jualan tanah RM17,920,000) untuk Kumpulandan Johor Corporation)


laporan kewangan

Lembaran ImbanganPada 31 Disember 2004


RM’000 RM’000 RM’000 RM’000ASET BUKAN SEMASAASET BUKAN SEMASAASET BUKAN SEMASAASET BUKAN SEMASAASET BUKAN SEMASA

HARTA, LOJI DAN KELENGKAPAN 10 4,765,400 4,357,607 647,546 662,896

KOS PEMBANGUNAN HARTANAH 11 723,448 753,396 455,784 486,377

SYARIKAT-SYARIKAT ANAK 12 - - 1,812,678 1,324,611

SYARIKAT-SYARIKAT BERSEKUTU 13 100,914 93,406 86,569 55,251

PELABURAN JANGKA PANJANG 14 961,720 939,992 132,173 119,643

ASET-ASET TIDAK ZAHIR 15 92,865 83,950 - -

HASIL BELUM TERIMA TERTUNDA 16 - 141,590 - 141,590

ASET CUKAI TERTUNDA 23 17,521 12,020 - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH6,661,868 6,381,961 3,134,750 2,790,368HHHHHHH HHHHHHH HHHHHHH HHHHHHH

ASET SEMASAASET SEMASAASET SEMASAASET SEMASAASET SEMASA

HARTA, LOJI DAN KELENGKAPAN 10 367 677 - -

KOS PEMBANGUNAN HARTANAH 11 212,640 217,693 138,952 161,057

INVENTORI 17 341,252 219,984 8,965 12,822

CUKAI BOLEH DIPEROLEHI KEMBALI 26,237 20,082 - -

PENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANG 18 654,254 566,555 754,758 753,182

PELABURAN JANGKA PENDEK 19 23,971 14,481 7,468 4,231

DEPOSIT, BANK DAN BAKI TUNAI 20 449,225 372,985 118,691 104,241HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,707,946 1,412,457 1,028,834 1,035,533HHHHHHH HHHHHHH HHHHHHH HHHHHHH

TANGGUNGAN SEMASATANGGUNGAN SEMASATANGGUNGAN SEMASATANGGUNGAN SEMASATANGGUNGAN SEMASA

PEMIUTANG PERDAGANGAN DAN LAIN-LAIN PEMIUTANG 21 786,165 662,192 283,585 326,449

PINJAMAN 22 718,088 863,900 451,371 444,739

TANGGUNGAN CUKAI SEMASA 62,623 62,013 46,442 41,482HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,566,876 1,588,105 781,398 812,670HHHHHHH HHHHHHH HHHHHHH HHHHHHH

ASET/(TANGGUNGAN)ASET/(TANGGUNGAN)ASET/(TANGGUNGAN)ASET/(TANGGUNGAN)ASET/(TANGGUNGAN) SEMASA BERSIH SEMASA BERSIH SEMASA BERSIH SEMASA BERSIH SEMASA BERSIH 141,070 (175,648) 247,436 222,863

NNNNNNN NNNNNNN NNNNNNN NNNNNNN


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RM’000 RM’000 RM’000 RM’000DITOLAK : TANGGUNGANDITOLAK : TANGGUNGANDITOLAK : TANGGUNGANDITOLAK : TANGGUNGANDITOLAK : TANGGUNGAN JANGKA PANJANGJANGKA PANJANGJANGKA PANJANGJANGKA PANJANGJANGKA PANJANG

PINJAMAN 22 4,152,107 3,822,502 3,327,418 3,200,134

TANGGUNGAN CUKAI TERTUNDA 23 305,794 271,800 1,578 6,747

LAIN-LAIN TANGGUNGAN TERTUNDA 24 148,208 11,712 - -HHHHHHHH HHHHHHHH HHHHHHH HHHHHHHH4,606,109 4,106,014 3,328,996 3,206,881

HHHHHHHH HHHHHHHH HHHHHHH HHHHHHHHASET/(TANGGUNGAN) BERSIHASET/(TANGGUNGAN) BERSIHASET/(TANGGUNGAN) BERSIHASET/(TANGGUNGAN) BERSIHASET/(TANGGUNGAN) BERSIH 2,196,8292,196,8292,196,8292,196,8292,196,829 2,100,2992,100,2992,100,2992,100,2992,100,299 53,19053,19053,19053,19053,190 (193,650)(193,650)(193,650)(193,650)(193,650)

NNNNNNNN NNNNNNNN NNN NNNN NNNNNNNN

DIBIAYAI OLEH :-DIBIAYAI OLEH :-DIBIAYAI OLEH :-DIBIAYAI OLEH :-DIBIAYAI OLEH :-

RIZAB MODAL 25 1,128,163 1,083,362 58,846 83,696

RIZAB HASIL (444,420) (488,040) (5,656) (277,346)

RIZAB ATAS PENYATUAN 66,117 37,511 - -

RIZAB PERUBAHAN MATAWANG (73,409) (86,914) - -HHHHHHHH HHHHHHHH HHHHHHH HHHHHHH

676,451 545,919 53,190 (193,650)

KEPENTINGAN MINORITI 1,520,378 1,554,380 - -HHHHHHHH HHHHHHHH HHHHHHH HHHHHHH2,196,8292,196,8292,196,8292,196,8292,196,829 2,100,2992,100,2992,100,2992,100,2992,100,299 53,19053,19053,19053,19053,190 (193,650)(193,650)(193,650)(193,650)(193,650)NNNNNNNN NNNNNNNN NNNNNNN NNNNNNN

Lembaran ImbanganPada 31 Disember 2004 (sambungan)


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Penyata Perubahan Ekuiti DisatukanBagi Tahun Berakhir 31 Disember 2004

Rizab RizabAtas Perubahan

Nota Rizab Modal Penyatuan Matawang Rizab Hasil JumlahRM’000 RM’000 RM’000 RM’000 RM’000

Pada 1 Januari 2003 1,127,048 5,100 (88,484) (595,516) 448,148Pelarasan Tahun Lalu 31 - - - (2,596) (2,596)

HHHHHHHHH HHHHHHH HHHHHHH HHHHHHHH HHHHHHHSeperti Dinyatakan Semula 1,127,048 5,100 (88,484) (598,112) 445,552

Pengambilalihan Syarikat Anak 1,232 43,269 - - 44,501Pelupusan Syarikat Anak (203) (564) - - (767)Pindahan Dari Rizab Modal Ke Rizab Hasil Atas Pelupusan Tanah (44,289) - - 44,289 -Perbezaan Tukaran Matawang - - 1,570 - 1,570Rizab Sebelum Pengambilalihan Di Atas Pelupusan Sebahagian Syarikat Anak Direalisasi 742 - - - 742Reklasifikasi (1,076) (358) - 1,434 -Pidahan Ke Rizab Penggantian Modal 102 - - (92) 10Direalisasi Atas Pelupusan Harta, Loji dan Kelengkapan (194) - - 194 -(Kerugian)/Keuntungan Bersih Tidak Diiktiraf Dalam Penyata Pendapatan (43,686) 42,347 1,570 45,825 46,056Pelunasan Rizab Atas Penyatuan - (9,936) - - (9,936)Keuntungan Bersih Tahun Semasa (Seperti Dinyatakan Semula) - - - 64,247 64,247

HHHHHHHHHH HHHHHHHH HHHHHHHH HHHHHHHHH HHHHHHHHHPada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003 1,1,1,1,1,083083083083083 ,,,,,362362362362362 3 7 , 5 1 13 7 , 5 1 13 7 , 5 1 13 7 , 5 1 13 7 , 5 1 1 (86,914)(86 ,914)(86 ,914)(86 ,914)(86 ,914) (488,040 )(488,040 )(488,040 )(488,040 )(488,040 ) 5 4 5 , 9 1 95 4 5 , 9 1 95 4 5 , 9 1 95 4 5 , 9 1 95 4 5 , 9 1 9

NNNNNNNNNN NNNNNNNN NNNNNNNN NNNNNNNNN NNNNNNNNN

Pada 1 Januari 2004 1,083,362 37,511 (86,914) (489,542) 544,417Pelarasan Tahun Lalu 31 - - - 1,502 1,502

HHHHHHHHH HHHHHHH HHHHHHH HHHHHHHH HHHHHHHSeperti Dinyatakan Semula 1,083,362 37,511 (86,914) (488,040) 545,919

Pengambilalihan Tambahan Kepentingan Dalam Sebuah Syarikat Anak 72,852 43,477 - - 116,329Pelupusan Sebahagian Kepentingan Dalam Syarikat Anak 582 (5) - - 577Pertambahan Pegangan Saham dalam Syarikat Anak - - - 7,064 7,064Pindahan Dari Rizab Modal Ke Rizab Hasil Atas Pelupusan Tanah (31,149) - - 31,149 -Perbezaan Tukaran Matawang - - 13,505 - 13,505Penilaian semula tahun semasa- Lebihan (Selepas Percukaian) 35,963 - - - 35,963- Kurangan (Selepas Percukaian) (33,872) - - - (33,872)Pindahan Daripada Cukai Tertangguh 1,260 - - - 1,260Pindahan Ke Rizab Penggantian Modal 102 - - (96) 6Reklasifikasi (937) - - 937 -Keuntungan Bersih Tidak Diiktiraf Dalam Penyata Pendapatan 44,801 43,472 13,505 39,054 140,832Pelunasan Rizab Atas Penyatuan - (14,866) - - (14,866)Keuntungan Bersih Tahun Semasa - - - 4,566 4,566

HHHHHHHHHH HHHHHHHH HHHHHHHH HHHHHHHHH HHHHHHHHHPada 31 Disember 2004Pada 31 Disember 2004Pada 31 Disember 2004Pada 31 Disember 2004Pada 31 Disember 2004 1 ,128 ,1631 ,128 ,1631 ,128 ,1631 ,128 ,1631 ,128 ,163 6 6 , 1 1 76 6 , 1 1 76 6 , 1 1 76 6 , 1 1 76 6 , 1 1 7 (73,409)(73 ,409)(73 ,409)(73 ,409)(73 ,409) (444,420 )(444,420 )(444,420 )(444,420 )(444,420 ) 6 7 6 , 4 5 16 7 6 , 4 5 16 7 6 , 4 5 16 7 6 , 4 5 16 7 6 , 4 5 1

NNNNNNNNNN NNNNNNNN NNNNNNNN NNNNNNNNN NNNNNNNNN


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Tidak Boleh DiagihkanTidak Boleh DiagihkanTidak Boleh DiagihkanTidak Boleh DiagihkanTidak Boleh DiagihkanRizab Modal Rizab Hasil Jumlah

RM’000 RM’000 RM’000

Pada 1 Januari 2003 83,890 (554,724) (470,834)

Direalisasi Dari Pelupusan Harta, Loji Dan Kelengkapan (194) 194 -

(Kerugian)/Keuntungan Bersih Tidak Dinyatakan Dalam Penyata Pendapatan (194) 194 -

Keuntungan Bersih Tahun Semasa - 277,184 277,184HHHHHHH HHHHHHH HHHHHHH

Pada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003 83,69683,69683,69683,69683,696 (277,346)(277,346)(277,346)(277,346)(277,346) (193,650)(193,650)(193,650)(193,650)(193,650)NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN

Pada 1 Januari 2004 83,696 (277,346) (193,650)

Direalisasi Dari Pelupusan Harta, Loji Dan Kelengkapan (26,110) 26,110 -Dipindahkan daripada Cukai Tertunda (Nota 23) 1,260 - 1,260

(Kerugian)/Keuntungan Bersih Tidak Dinyatakan Dalam Penyata Pendapatan (24,850) 26,110 1,260

Keuntungan Bersih Tahun Semasa - 245,580 245,580HHHHHHH HHHHHHH HHHHHHH

Pada 31 Disember 2004Pada 31 Disember 2004Pada 31 Disember 2004Pada 31 Disember 2004Pada 31 Disember 2004 58,84658,84658,84658,84658,846 (5,656)(5,656)(5,656)(5,656)(5,656) 53,19053,19053,19053,19053,190NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN

Penyata Perubahan Ekuiti Johor CorporationBagi Tahun Berakhir 31 Disember 2004


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Penyata-Penyata Aliran TunaiBagi Tahun Berakhir 31 Disember 2004

Kumpulan Johor Corporation2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

AKTIVITI-AKTIVITI OPERASIAKTIVITI-AKTIVITI OPERASIAKTIVITI-AKTIVITI OPERASIAKTIVITI-AKTIVITI OPERASIAKTIVITI-AKTIVITI OPERASI

Keuntungan Bersih Tahun Semasa 4,566 64,247 245,580 277,184

Pelarasan Bagi Menyesuaikan Keuntungan Bersih Tahun Semasa Kepada Tunai Daripada Operasi :

Harta, Loji Dan Kelengkapan :- Keuntungan Atas Pelupusan (7,499) (7,036) (329,651) (6,915)- Hapuskira 5,917 7,692 126 177- Susutnilai 157,395 152,315 15,000 13,186- Penyusutan Nilai 29,932 19,617 - -- Pelarasan (1,080) 1,756 - -- Lebihan Atas Penilaian Semula - - - -(Keuntungan)/Kerugian Atas Pelupusan :- Syarikat-Syarikat Anak (13,477) (342) (6,076) (5,628)- Syarikat-Syarikat Bersekutu - - 24 (1,680)- Lain-lain Pelaburan 815 (83) - 4,944Perbelanjaan Pembangunan :- Keuntungan Atas Pelupusan (61,063) (21,080) (42,511) (21,080)- Peruntukan Bagi Pengurangan Nilai - 4,533 - -- Hapuskira 108,300 2,705 1,544- Pelunasan 6,500 6,500 - -Pelaburan:- Pengurangan Nilai Bersih Ditulis Semula (44,945) (145,235) (140,862) (381,174)- Hapuskira 82,168 114 82,168 54Peruntukan Bagi Rizab Penggantian Modal 102 102 - -Aset-aset Tidak Zahir :- Pelunasan 15,306 21,429 - -- Hapuskira 2,723 3,471 - -Pendapatan Dividen (4,270) (4,244) (27,076) (21,438)Kerugian/(Keuntungan) Atas Perbezaan Tukaran Matawang 13,505 (39,771) - 116Pelunasan Rizab Atas Penyatuan (14,866) (9,936) - -Perbelanjaan Faedah 231,210 243,413 181,972 182,626Pendapatan Faedah (12,236) (39,148) (6,093) (31,223)Bahagian Keuntungan Dalam Syarikat Bersekutu (27,798) (44,335) - -Cukai 125,105 109,856 8,534 19,333Kepentingan Minoriti 75,044 88,740 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH671,354 415,280 (18,865) 30,026


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RM’000 RM’000 RM’000 RM’000

Perubahan Di Dalam Modal Kerja :- Simpanan Tetap Dicagarkan Untuk Jaminan Bank 2,968 (13,513) - -- Inventori 61,407 58,069 3,857 1,321- Penghutang (296,663) 238,824 143,838 105,355- Pemiutang (270,467) (151,179) (37,782) (17,194)- Syarikat Sekutu (4,161) - - -- Pelaburan Jangka Pendek (9,292) (501) (2,524) 464- Pinjaman Jangka Pendek 154,079 (37,433) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHTunai Dari Operasi 309,225 509,547 88,524 119,972

Cukai Dibayar (112,096) (77,669) - -Cukai Dikembalikan 1,868 2,238 - -Cukai Atas Dividen (7,483) - - -Dividen Diterima 2,908 4,244 9,673 3,868Faedah Diterima 11,744 31,769 5,682 22,973

HHHHHHH HHHHHHH HHHHHHH HHHHHHHTunai Bersih Daripada Aktiviti Operasi 206,166 470,129 103,879 146,813

HHHHHHH HHHHHHH HHHHHHH HHHHHHHAKTIVITI PELABURANAKTIVITI PELABURANAKTIVITI PELABURANAKTIVITI PELABURANAKTIVITI PELABURAN

Perbelanjaan Pembangunan (672) (82,441) 5,256 (19,562)Hasil Daripada Pelupusan Pelaburan Di Dalam :- Syarikat-Syarikat Anak - - 100,451 14,089- Syarikat-Syarikat Bersekutu - - 1,196 2,520- Lain-lain Pelaburan 8,279 14,470 - 1,911Harta, Loji dan Kelengkapan :- Hasil Dari Pelupusan 20,793 15,425 363,128 9,573- Pembelian (279,205) (267,103) (33,428) (53,814)Pembelian Pelaburan Di dalam :- Syarikat-Syarikat Anak - - (179,081) -- Syarikat-Syarikat Bersekutu - - (25,311) -- Pelaburan - - (34,983) (5,031)- Lain-lain Pelaburan (123,701) (14,216) - -Penambahan Aset Tidak Zahir (10,136) (9,620) - -Pengambilalihan Syarikat Anak, Dari Tunai Bersih - 1,338 - -Pelupusan Syarikat Anak, Dari Tunai Bersih 1,248 (10) - -Hasil Daripada Pelupusan Perbelanjaan Pembangunan 90,893 33,865 90,128 33,865Peningkatan Dalam Stok Pinjaman Boleh Tukar - - (330,154) - Tanpa Jaminan (CULS)Tambahan Kepentingan Dalam Syarikat-Syarikat Anak 69,071 7,764 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH

Tunai Bersih Digunakan Dalam Aktiviti Pelaburan (223,430) (300,528) (42,798) (16,449)HHHHHHH HHHHHHH HHHHHHH HHHHHHH

Penyata Aliran TunaiBagi Tahun Berakhir 31 Disember 2004 (sambungan)


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RM’000 RM’000 RM’000 RM’000

AKTIVITI PEMBIAYAANAKTIVITI PEMBIAYAANAKTIVITI PEMBIAYAANAKTIVITI PEMBIAYAANAKTIVITI PEMBIAYAAN

Pembayaran Pinjaman Berjangka (443,976) (136,357) - -Pembayaran Sewa Beli Dan Pajakan (11,604) (7,594) - -Terimaan Dari Pinjaman Berjangka 657,052 214,778 - -Faedah Dibayar (101,936) (105,335) (46,631) (45,815)Pendahuluan Kepada Syarikat-Syarikat Anak - - - (2,870)Penerimaan Daripada Bon Jangka Panjang - - - (3,153)

HHHHHH HHHHHHH HHHHHHH HHHHHHH

Tunai Bersih Digunakan Dalam Aktiviti Pembiayaan 99,536 (34,508) (46,631) (51,838)HHHHHH HHHHHHH HHHHHHH HHHHHHH

PENAMBAHAN BERSIH TUNAI DAN PERSAMAAN TUNAI 82,272 135,093 14,450 78,526

TUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAI PADA AWAL TAHUN PADA AWAL TAHUN PADA AWAL TAHUN PADA AWAL TAHUN PADA AWAL TAHUN 308,203308,203308,203308,203308,203 175,834175,834175,834175,834175,834 104,241104,241104,241104,241104,241 25,71525,71525,71525,71525,715

PERBEZAAN TUKARAN ASING (1,843) (2,724) - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH

TUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAI PADA AKHIR TAHUN PADA AKHIR TAHUN PADA AKHIR TAHUN PADA AKHIR TAHUN PADA AKHIR TAHUN 388,632388,632388,632388,632388,632 308,203308,203308,203308,203308,203 118,691118,691118,691118,691118,691 104,241104,241104,241104,241104,241


TUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAITUNAI DAN PERSAMAAN TUNAI

Baki Bank Dan Tunai 205,435 204,635 10,154 9,481Simpanan Tetap 243,790 168,350 108,537 94,760

HHHHHHH HHHHHHH HHHHHHH HHHHHHH449,225 372,985 118,691 104,241

Simpanan Tetap DiCagarkan (14,868) (17,836) - -Overdraf Bank (45,725) (46,946) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH388,632388,632388,632388,632388,632 308,203308,203308,203308,203308,203 118,691118,691118,691118,691118,691 104,241104,241104,241104,241104,241


Penyata Aliran TunaiBagi Tahun Berakhir 31 Disember 2004 (sambungan)


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11111 MAKLUMAT UMUMMAKLUMAT UMUMMAKLUMAT UMUMMAKLUMAT UMUMMAKLUMAT UMUM

Johor Corporation pada asasnya terlibat di dalam bisnes minyak sawit, pembangunan dan pengurusanhartanah dan pelaburan. Kegiatan-kegiatan utama Kumpulan sebahagian besarnya adalah bisnes minyaksawit, perkhidmatan prisihatin, pembangunan dan pengurusan harta, “intrapreneur ventures” dan pelaburan.

Johor Corporation telah ditubuhkan di bawah Enakmen Johor Corporation (Bil. 4, 1968) (Sebagaimanapindaan Enakmen Bil. 5, 1995).

Alamat perniagaan utama bagi Johor Corporation adalah seperti berikut :-

Tingkat 13, Menara Johor CorporationKOTARAYA80000 Johor Bahru, JohorMalaysia.

22222 MATLAMAT DAN DASAR PENGURUSAN RISIKO KEWANGANMATLAMAT DAN DASAR PENGURUSAN RISIKO KEWANGANMATLAMAT DAN DASAR PENGURUSAN RISIKO KEWANGANMATLAMAT DAN DASAR PENGURUSAN RISIKO KEWANGANMATLAMAT DAN DASAR PENGURUSAN RISIKO KEWANGAN

Kegiatan-kegiatan Kumpulan menyebabkan ia terdedah kepada pelbagai risiko kewangan, termasuk risikotukaran matawang asing, risiko kadar faedah, risiko pasaran, risiko kredit, risiko kecairan dan aliran tunai.Objektif keseluruhan pengurusan risiko kewangan Kumpulan adalah untuk memastikan bahawa Kumpulanmenambah nilai bagi setiap pelaburan yang diamanahkan. Kumpulan memberikan tumpuan ke atasketidaktentuan pasaran-pasaran kewangan dan berusaha untuk meminimakan potensi kesan-kesan burukke atas pencapaian kewangannya. Pengurusan risiko kewangan dilaksanakan melalui kajian-kajian semularisiko, sistem-sistem kawalan dalaman, program insurans global dan pematuhan kepada dasar-dasarpengurusan risiko kewangan Kumpulan. Lembaga Pengarah secara berkala mengkaji semula risiko-risikotersebut dan meluluskan dasar-dasar perbendaharaan, yang juga meliputi pengurusan risiko-risiko tersebut.

Kumpulan menggunakan instrumen-instrumen kewangan derivatif seperti kontrak pertukaran asing bagimelindungi nilai pendedahan tertentu. . . . . Ia tidak berurusniaga di dalam instrumen-instrumen kewangan.

Bidang-bidang utama risiko-risiko kewangan yang dihadapi Kumpulan dan dasar-dasar berkaitan bidang-bidang utama aktiviti-aktiviti perbendaharaan dibentangkan seperti berikut:

i .i .i .i .i . Risiko tukaran matawang asingRisiko tukaran matawang asingRisiko tukaran matawang asingRisiko tukaran matawang asingRisiko tukaran matawang asing

Risiko tukaran matawang asing adalah risiko yang mana nilai bagi sesuatu instrumen kewangan akanbertukar disebabkan kepada pertukaran di dalam kadar-kadar pertukaran asing.

Kumpulan terdedah kepada risiko tukaran wang asing disebabkan transaksi-transaksi yang dijalankanoleh Syarikat-Syarikat Anak dalam matawang asing selain dari matawang lazim yang digunakan. Syarikat-syarikat berkenaan membuat kontrak hadapan dalam matawang asing untuk menghadkan pendedahandiatas penghutang dan tanggungan dalam matawang asing, serta aliran tunai yang dijangka daripadatransaksi yang dinyatakan dalam matawang asing.

Bergantung kepada situasi pasaran, perlindungan nilai digunakan terutamanya dalam situasi di manaSyarikat-Syarikat Anak dapat menikmati premium daripada “swop point”. . . . . Ringkasan bulanan bagijualan dalam matawang asing yang tidak dilindungi nilai disimpan untuk membolehkan penilaian keatas pendedahan kepada risiko dan untuk membolehkan tindakan lindung nilai yang bersesuaiandiambil, sekiranya diperlukan.

Nota-Nota Kepada Penyata Kewangan31 Disember 2004


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22222 OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN (sambungan)

i i .i .i .i .i . Risiko kadar faedahRisiko kadar faedahRisiko kadar faedahRisiko kadar faedahRisiko kadar faedah

Risiko kadar faedah adalah risiko di mana nilai bagi suatu instrumen kewangan akan berubah disebabkanperubahan di dalam kadar-kadar faedah pasaran.

Pendapatan Kumpulan dan aliran tunai dari operasi sebahagian besarnya tidak bergantung kepadaperubahan kadar faedah pasaran. Pendedahan kadar faedah wujud daripada pinjaman dan depositoleh Kumpulan, dan diuruskan melalui penggunaan kadar faedah terapung dan kadar faedah tetappinjaman. Tujuan kaedah percampuran di antara kadar tetap dan kadar terapung tersebut adalahditetapkan untuk mengurangkan kesan sekiranya berlaku peningkatan kadar faedah dan membolehkanmanfaat dinikmati sekiranya kadar faedah menurun. Pemantauan berkala dilakukan ke atas profilkadar faedah bagi semua pinjaman dengan membandingkannya dengan kadar faedah pasaran semasa.

i i i .i i i .i i i .i i i .i i i . Risiko pasaranRisiko pasaranRisiko pasaranRisiko pasaranRisiko pasaran

Risiko pasaran adalah risiko bahawa nilai sesuatu instrumen kewangan akan berubah akibat daripadaperubahan-perubahan di dalam harga-harga pasaran, samada perubahan-perubahan tersebut adalahdisebabkan oleh faktor-faktor yang khusus kepada sekuriti individu tersebut atau penerbitnya ataufaktor-faktor yang menjejaskan semua sekuriti yang didagangkan didalam pasaran.

Kumpulan telah mempunyai polisi bagi menguruskan pendedahan Kumpulan kepada perubahan-perubahan harga bahan-bahan mentah utama yang digunakan dalam pengeluaran barang-barang.Syarikat-syarikat dalam Kumpulan membuat kontrak pada harga yang ditetapkan untuk mengesahkanpenentuan harga bahan mentah.

Bagi pembelian barangan utama, Kumpulan menetapkan pada paras harga terapung dan tetap yangdianggap boleh diterima dan memasuki pembekalan fisikal atau perjanjian-perjanjian derivatif, di manaperlu, bagi mencapai paras-paras tersebut. Kumpulan tidak menghadapi pendedahan yang ketaradaripada risiko perubahan di dalam pinjaman dan harga-harga ekuiti.

iv.v.v.v.v. Risiko kreditRisiko kreditRisiko kreditRisiko kreditRisiko kredit

Risiko kredit adalah risiko bahawa satu pihak kepada instrumen kewangan akan gagal untuk melepaskansuatu kewajipan dan menyebabkan pihak yang lain mengalami suatu kerugian kewangan.

Risiko kredit timbul apabila instrumen derivatif digunakan atau barangan dijual pada terma kredittertangguh. Kumpulan berusaha untuk membuat pelaburan aset tunai secara selamat danmenguntungkan. Ia juga berusaha untuk mengawal risiko kredit dengan menetapkan had pesaingdan memastikan penjualan barangan dan perkhidmatan secara kredit hanya diberikan kepada pelangganyang mempunyai rekod kredit yang sesuai. Maklumat bayaran tunggakan pelanggan disemak secaramingguan dengan membuat rujukan kepada penilaian kredit yang diterbitkan oleh institusi kewanganutama. Sekiranya tidak terdapat penilaian umum, pemeriksaan kredit secara dalaman dijalankansekiranya risiko kredit adalah ketara. Pemeriksaan ini dijalankan untuk menangani sebarangkemungkinan kegagalan untuk membuat pembayaran.

Tindakan penguatkuasaan dibuat untuk kutipan hutang. Tambahan lagi, penjualan kepada pelanggandigantung apabila jumlah terhutang terawal telah melebihi terma kredit. Kumpulan beranggapanrisiko kehilangan ketara akibat dari kemungkiran oleh pihak kewangan lain tersebut adalah tipis.

Syarikat anak yang terlibat dalam aktiviti penjualan hartanah tidak akan membuat pindahmilik kepadapelanggan sekiranya bayaran penuh belum dibuat.

v .v .v .v .v . Risiko kecairan dan aliran tunaiRisiko kecairan dan aliran tunaiRisiko kecairan dan aliran tunaiRisiko kecairan dan aliran tunaiRisiko kecairan dan aliran tunai

Risiko kecairan adalah risiko di mana sesuatu perusahaan akan menghadapi kesulitan di dalammendapatkan dana untuk menyelesaikan komitmen yang berkaitan dengan instrumen kewangan.

Risiko aliran tunai adalah risiko bahawa aliran tunai masa hadapan berkaitan dengan instrumen kewanganakan berubah. Di dalam keadaan instrumen hutang yang menggunakan kadar terapung, perubahan-perubahan tersebut akan mengakibatkan perubahan di dalam kadar efektif faedah bagi instrumenkewangan berkenaan, selalunya tanpa perubahan pada nilai setaranya.



laporan kewangan

22222 OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN OBJEKTIF DAN DASAR PENGURUSAN RISIKO KEWANGAN (sambungan)

v .v .v .v .v . Risiko kecairan dan aliran tunai Risiko kecairan dan aliran tunai Risiko kecairan dan aliran tunai Risiko kecairan dan aliran tunai Risiko kecairan dan aliran tunai (sambungan)

Di dalam jangka pendek, Kumpulan memberi tumpuan ke atas kecairan, nisbah pusingan kedudukankewangan, sumber dana untuk menaiktaraf dan pengembangan aktiviti sedia ada. Pengurusan risikokecairan berhemah adalah dengan mengekalkan aliran tunai yang mencukupi dan penyediaanpembiayaan melalui jumlah kemudahan kredit yang komited serta keupayaan untuk menutup kedudukanpasaran. Disebabkan oleh sifat dinamik perniagaan yang diceburi, sasaran Kumpulan adalah untukmengekalkan tahap pembiayaan yang fleksibel dengan kemudahan kredit sedia ada.

33333 RINGKASAN DASAR-DASAR PERAKAUNAN UTAMARINGKASAN DASAR-DASAR PERAKAUNAN UTAMARINGKASAN DASAR-DASAR PERAKAUNAN UTAMARINGKASAN DASAR-DASAR PERAKAUNAN UTAMARINGKASAN DASAR-DASAR PERAKAUNAN UTAMA

Dasar-dasar perakaunan berikut telah digunakan secara konsisten di dalam mengendalikan perkara-perkara yang dianggap memberi kesan ketara kepada penyata kewangan.

( a )( a )( a )( a )( a ) Asas PenyediaanAsas PenyediaanAsas PenyediaanAsas PenyediaanAsas Penyediaan

Penyata kewangan bagi Kumpulan dan Johor Corporation telah disediakan mengikut konvensyen kossejarah kecuali yang didedahkan di dalam ringkasan dasar-dasar perakaunan ketara ini. Sebagaicontoh, tanah dan bangunan, dan hartanah pelaburan adalah dinyatakan pada nilai saksama.

Penyata kewangan ini telah mematuhi piawaian perakaunan yang diluluskan di Malaysia (MASB).Piawaian perakaunan baru yang diterima pakai di dalam tahun kewangan semasa adalah PiawaianMASB 32, aktiviti-aktiviti Pembangunan Hartanah. Penerimaan pakai Piawaian MASB 32 tidakmenimbulkan sebarang pelarasan kepada baki-baki permulaan keuntungan yang tidak diagihkan bagitahun terdahulu dan tahun semasa.

( b )( b )( b )( b )( b ) Asas PenyatuanAsas PenyatuanAsas PenyatuanAsas PenyatuanAsas Penyatuan

i. Syarikat-Syarikat Anak

Syarikat-Syarikat Anak adalah syarikat-syarikat di mana Kumpulan mempunyai kuasa untukmelaksanakan kawalan ke atas dasar-dasar kewangan dan operasinya bagi memperolehi manfaat-manfaat daripada aktiviti-aktiviti mereka.

Syarikat-Syarikat Anak disatukan dengan menggunakan kaedah perakaunan pengambilalihan.Menurut kaedah perakaunan pengambilalihan, Syarikat-Syarikat Anak disatukan dari tarikh kawalantersebut berpindah kepada Kumpulan dan tidak lagi disatukan dari tarikh kawalan tersebut terhenti.Kos pengambilalihan adalah jumlah tunai dibayar dan nilai saksama pada tarikh pengambilalihanatau kos pembelian yang diberi oleh pembeli, bersama dengan perbelanjaan yang terbabit denganpengambilalihan tersebut. Pada tarikh pengambilalihan, nilai saksama bersih aset-aset Syarikat-Syarikat Anak adalah ditentukan dan nilai-nilai tersebut ditunjukkan di dalam Penyata Kewangandisatukan. Perbezaan kos pengambilalihan ke atas bahagian nilai saksama Kumpulan di dalamaset-aset bersih Syarikat-Syarikat Anak yang dikenalpasti pada tarikh pengambilalihan ditunjukkansebagai muhibbah atau rizab atas penyatuan. Lihat Nota (c) mengenai dasar perakaunan atasMuhibbah atau Rizab Atas Penyatuan.

Kepentingan minoriti diukur berdasarkan bahagian minoriti ke atas nilai saksama selepaspengambilalihan aset-aset dan tanggungan-tanggungan yang dikenalpasti bagi pihak yangdiambilalih. Pendedahan secara berasingan dibuat untuk kepentingan minoriti.

Bagi pengambilalihan secara berperingkat, pelarasan nilai saksama yang berkaitan kepadapegangan ekuiti sebelumnya diambilkira sebagai penilaian semula selepas pengambilalihan.



laporan kewangan

33333 RINGKASAN DASAR-DASAR PERAKAUNAN UTAMA RINGKASAN DASAR-DASAR PERAKAUNAN UTAMA RINGKASAN DASAR-DASAR PERAKAUNAN UTAMA RINGKASAN DASAR-DASAR PERAKAUNAN UTAMA RINGKASAN DASAR-DASAR PERAKAUNAN UTAMA (sambungan)

( b )( b )( b )( b )( b ) Asas PenyatuanAsas PenyatuanAsas PenyatuanAsas PenyatuanAsas Penyatuan (sambungan)

i. Syarikat-Syarikat Anak (sambungan)

Urusniaga-urusniaga di dalam Kumpulan, baki-baki dan keuntungan-keuntungan belum nyata keatas urusniaga-urusniaga adalah dihapuskan; kerugian-kerugian belum nyata juga dihapuskanmelainkan kos tidak dapat ditampung. Di mana perlu, pelarasan dibuat kepada Penyata KewanganSyarikat-Syarikat Anak untuk memastikan dasar-dasar perakaunan konsisten dengan Kumpulan.

Keuntungan atau kerugian di atas pelupusan sebuah Syarikat Anak merupakan perbezaan diantara hasil pelupusan bersih dan bahagian Kumpulan di dalam aset bersihnya bersama-samadengan sebarang baki muhibbah atas pengambilalihan yang belum dilunaskan dan perbezaan-perbezaan pertukaran yang tidak diiktiraf sebelumnya di dalam penyata kewangan yang disatukan.Muhibbah atas pengambilalihan yang telah dicaj sepenuhnya kepada ekuiti pemegang sahamjuga ditolak apabila menentukan untung atau rugi atas pelupusan sebuah Syarikat Anak.

ii. Syarikat-Syarikat Bersekutu

Syarikat-Syarikat Bersekutu adalah syarikat-syarikat di mana Kumpulan melaksanakan pengaruhyang ketara tetapi tidak mempunyai kawalan keatasnya. Pengaruh yang ketara ialah kuasa untukterlibat di dalam keputusan-keputusan dasar kewangan dan operasi tetapi tidak mempunyai kuasauntuk menguatkuasakan kawalan ke atas dasar-dasar tersebut. Pelaburan dalam Syarikat-SyarikatBersekutu diambilkira dalam Penyata Kewangan yang disatukan menggunakan kaedah perakaunanekuiti.

Perakaunan ekuiti melibatkan pengiktirafan bahagian Kumpulan didalam keputusan selepaspengambilalihan bagi Syarikat-Syarikat Sekutu didalam Penyata Pendapatan dan bahagiannya didalam pergerakan-pergerakan selepas pengambilalihan didalam rizab. Pergerakan selepaspengambilalihan terkumpul adalah diselaraskan kepada kos pelaburan dan termasuk muhibbahdi atas pengambilalihan (selepas pelunasan terkumpul). Perakaunan ekuiti dihentikan apabilajumlah bawa pelaburan tersebut di dalam sebuah Syarikat Bersekutu mencapai sifar, kecualisuatu obligasi telah timbul untuk Kumpulan atau obligasi yang dijamin untuk diselesaikan olehKumpulan bagi pihak Syarikat Bersekutu tersebut.

Keuntungan yang belum direalisasi ke atas urusniaga-urusniaga di antara Kumpulan dan Syarikat-Syarikat Bersekutu adalah dihapuskan setakat kepentingan Kumpulan di dalam Syarikat Bersekutu;kerugian-kerugian belum direalisasi juga dihapuskan melainkan transaksi tersebut memberi buktike atas rosotnilai harta yang dipindahkan. Di mana perlu, di dalam menerima pakai kaedahperakaunan ekuiti, penyelarasan-penyelarasan dibuat kepada Penyata Kewangan Syarikat-SyarikatBersekutu bagi memastikan ia konsisten dengan dasar-dasar perakaunan Kumpulan.

( c )( c )( c )( c )( c ) Muhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas Penyatuan

Muhibbah merupakan lebihan daripada kos pengambilalihan Syarikat-Syarikat Anak dan Syarikat-SyarikatBersekutu ke atas nilai saksama daripada aset-aset bersih bahagian Kumpulan yang dikenalpasti padatarikh pengambilalihan.

Muhibbah atas pengambilalihan Syarikat-Syarikat Anak adalah dimasukkan di dalam lembaran imbangan.Muhibbah atas penyatuan dihapuskira samada di dalam tahun pengambilalihan atau dimodalkan dandilunaskan mengikut kaedah garisan lurus ke Penyata Pendapatan menurut anggaran jangka hayatberguna tetapi tidak melebihi 20 tahun. Para Pengarah menetapkan anggaran jangka hayat bergunabagi muhibbah berdasarkan penilaian ke atas perusahaan-perusahaan yang terbabit pada masapengambilalihan, mengambilkira faktor-faktor seperti bahagian pasaran semasa, potensi pertumbuhandan lain-lain faktor sedia ada di dalam perusahaan yang diambilalih.



laporan kewangan


( c )( c )( c )( c )( c ) Muhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas PenyatuanMuhibbah Atau Rizab Atas Penyatuan (sambungan)

Pada setiap tarikh Lembaran Imbangan, Kumpulan akan menilai samada terdapat tanda-tanda untukpenyusutan nilai. Sekiranya terdapat tanda-tanda berkenaan, suatu analisa dilakukan untuk menilaisamada jumlah bawa aset tersebut akan dapat diperolehi sepenuhnya. Suatu susutnilai dibuat jikajumlah bawa melebihi jumlah yang akan diperolehi. Lihat dasar perakaunan Nota (r) mengenaiPenyusutan Nilai Aset.

Keuntungan atau kerugian di atas pelupusan sebuah entiti adalah termasuk jumlah bawa muhibbahberkaitan dengan entiti yang dilupuskan.

Rizab atas penyatuan merupakan lebihan bahagian Kumpulan bagi nilai saksama aset-aset bersihyang dikenalpasti diambilalih ke atas kos pengambilalihan. Ianya samada dimodalkan di dalam tahunpengambilalihan atau dimodalkan dan dilunaskan melalui Penyata Pendapatan bagi tempoh 5 tahunatau anggaran jangkahayat berguna, yang mana lebih pendek. Rizab atas penyatuan yang dibentangkandi dalam Lembaran Imbangan diklasifikasikan juga sebagai muhibbah.

( d )( d )( d )( d )( d ) Inventori Dan Harta Dalam Pegangan Untuk JualanInventori Dan Harta Dalam Pegangan Untuk JualanInventori Dan Harta Dalam Pegangan Untuk JualanInventori Dan Harta Dalam Pegangan Untuk JualanInventori Dan Harta Dalam Pegangan Untuk Jualan

i. Inventori

Inventori terdiri daripada bahan-bahan mentah, stor, kerja dalam perlaksanaan, rumah-rumahdan kedai-kedai yang telah siap dan sekuriti-sekuriti pasaran.

Inventori dinyatakan pada nilai yang lebih rendah antara kos dan nilai realisasi bersih. Kos ditentukanberasaskan kaedah masuk-dahulu-keluar-dahulu atau atas kaedah purata berwajaran. Kos barangansiap dan kerja dalam perlaksanaan termasuk bahan-bahan mentah, buruh langsung, lain-lain koslangsung dan bahagian yang sesuai bagi overhed pengeluaran (berasaskan kapasiti operasi biasa).Inventori rumah-rumah dan kedai-kedai yang telah siap terdiri daripada kos tanah, kos pembinaandan perbelanjaan infrastruktur.

Nilai realisasi bersih adalah anggaran harga jualan di dalam perniagaan biasa, ditolak kospenyiapan dan perbelanjaan penjualan.

ii. Hartanah Dalam Pegangan Untuk Dijual

Hartanah dalam pegangan untuk dijual adalah dinyatakan pada nilai yang lebih rendah antara kos(atau, jumlah bawa di mana aset-aset telah terdahulu dipegang untuk jangka panjang dan dinyatakanpada penilaian) dan nilai realisasi bersih.

( e )( e )( e )( e )( e ) PelaburanPelaburanPelaburanPelaburanPelaburan

i. Pelaburan-pelaburan Jangka Pendek

Pelaburan-pelaburan jangka pendek (termasuk di dalam aset semasa) adalah di bawa pada nilaiyang terendah antara kos dan nilai pasaran, ditentukan berasaskan agregat portfolio mengikutkategori pelaburan. Kos didapati dengan menggunakan dasar purata berwajaran. Nilai pasaranadalah dikira dengan merujuk kepada harga jualan yang dipetik daripada bursa saham padapenutupan perniagaan pada tarikh Lembaran Imbangan. Kenaikan/penurunan di dalam jumlahbawa sekuriti-sekuriti pasaran dikreditkan/dicaj ke Penyata Pendapatan.

Di atas penjualan sesuatu pelaburan, perbezaan di antara hasil pelupusan bersih dan jumlahbawanya adalah dikreditkan/dicaj ke Penyata Pendapatan.

ii. Pelaburan-pelaburan Jangka Panjang

Pelaburan-pelaburan jangka panjang adalah ditunjukkan pada kos dan satu peruntukan bagirosotnilai dibuat di mana, pada pendapat Pengarah-Pengarah, terdapat penurunan yang bukanberbentuk sementara di dalam nilai sesuatu pelaburan, penurunan tersebut adalah diambilkirasebagai suatu perbelanjaan di dalam tempoh di mana penurunan tersebut dikenalpasti.



laporan kewangan


( e )( e )( e )( e )( e ) Pelaburan Pelaburan Pelaburan Pelaburan Pelaburan (sambungan)

iii. Syarikat-Syarikat Anak Dan Syarikat-Syarikat Bersekutu

Pelaburan-pelaburan di dalam Syarikat-Syarikat Anak dan Syarikat-Syarikat Bersekutu adalahdinyatakan pada kos atau pada penilaian Pengarah-Pengarah. Apabila terdapat tanda-tanda wujudpenyusutan, jumlah bawa pelaburan akan dikaji dan dirosotnilaikan serta merta kepada jumlahyang boleh diperolehi. Lihat dasar perakaunan Nota (r) bagi Penyusutan Aset-Aset.

( f )( f )( f )( f )( f ) Harta, Loji Dan Kelengkapan Dan SusutnilaiHarta, Loji Dan Kelengkapan Dan SusutnilaiHarta, Loji Dan Kelengkapan Dan SusutnilaiHarta, Loji Dan Kelengkapan Dan SusutnilaiHarta, Loji Dan Kelengkapan Dan Susutnilai

Harta, Loji dan Kelengkapan dinyatakan pada kos atau penilaian semula ditolak susutnilai /pelunasanterkumpul dan kerugian penyusutan.

Tanah, perbelanjaan pembangunan ladang dan bangunan yang dipegang oleh Kumpulan tidak dinilaikansemula semenjak penilaian semula yang terakhir di dalam tahun-tahun berkenaan seperti yangdinyatakan dalam Nota 10 kepada Penyata Kewangan. Kesemua lain-lain Harta, Loji dan Kelengkapantelah dinyatakan pada kos sejarah ditolak susutnilai terkumpul. Para Pengarah tidak menerima pakaipolisi penilaian semula secara berkala terhadap aset-aset tersebut kecuali bagi Syarikat-Syarikat Anaktertentu di mana polisi penilaian semula secara berkala ke atas tanah dan bangunan diterima pakaidan dinilai oleh jurunilai profesional bebas sekali bagi setiap 5 tahun. Sepertimana yang dibenarkandi bawah peruntukan peralihan oleh Piawaian Perakaunan Antarabangsa No.16 (Semakan) (sepertiyang diterimapakai oleh Piawaian MASB No. 15 “Harta, Loji dan Kelengkapan”), aset-aset tersebutselain daripada aset-aset bagi Syarikat-Syarikat Anak tertentu yang disebutkan di atas dinyatakan padapenilaian semula di dalam tahun-tahun berkenaan ditolak susutnilai terkumpul.

Lebihan yang timbul atas penilaian semula dikreditkan kepada Rizab Penilaian Semula. Sebarangdefisit yang timbul daripada penilaian semula dicaj terhadap Rizab Penilaian Semula sehingga tahaplebihan terdahulu yang tersimpan di dalam Rizab Penilaian Semula bagi aset yang sama. Dalam kes-kes yang lain, penurunan dalam jumlah bawa dicaj kepada Penyata Pendapatan.

i. Pelunasan

Tanah pajakan Kumpulan dan Johor Corporation dilunaskan mengikut tempoh pajakan antara 5hingga 99 tahun kecuali bagi tanah pajakan dan hartanah yang berkaitan di dalam industriperhotelan. Tiada pelunasan diperuntukkan ke atas hartanah pajakan perhotelan dengan bakitempoh pajakan selama 20 tahun atau lebih. Hartanah perhotelan terdiri dari tanah, bangunanhotel dan loji yang berkenaan. Adalah menjadi amalan Kumpulan untuk mengekalkan nilai bakisemua hartanah perhotelan pada jumlah sekurang-kurangnya bersamaan dengan nilai-nilai bukuberkenaan supaya susutnilai tidak ketara. Bagi mengesahkan bahawa nilai baki harta perhotelanadalah sekurang-kurangnya bersamaan dengan nilai buku harta tersebut, harta-harta tersebutdinilai oleh jurunilai profesional bebas sekurang-kurangnya sekali setiap 5 tahun berdasarkankegunaan semasa.



laporan kewangan


( f )( f )( f )( f )( f ) Harta, Loji Dan Kelengkapan Dan Susutnilai Harta, Loji Dan Kelengkapan Dan Susutnilai Harta, Loji Dan Kelengkapan Dan Susutnilai Harta, Loji Dan Kelengkapan Dan Susutnilai Harta, Loji Dan Kelengkapan Dan Susutnilai (sambungan)

i. Pelunasan (sambungan)

Tiada pelunasan dibuat ke atas tanah milik bebas dan perbelanjaan pembangunan ladang. Konsesipembalakan dilunaskan mengikut nisbah langsung kawasan yang diterokai.

ii. Susutnilai

Lain-lain Harta, Loji dan Kelengkapan disusutnilai atas dasar garis lurus untuk menghapuskankos setiap aset, atau kepada jumlah penilaian semula kepada nilai sisa mengikut jangkamasausia boleh guna dengan kadar-kadar tahunan berikut:-

Bangunan 2 % - 5%Perabot dan Kelengkapan 5 % - 20 %Loji, Jentera dan Kenderaan 5 % - 25 %

Susutnilai atas aset yang masih dalam pembinaan akan bermula setelah aset itu sedia bagikegunaan yang dirancangkan.

Pada setiap tarikh lembaran imbangan, Kumpulan akan mengkaji semula untuk sebarang tandapenyusutan. Sekiranya tanda-tanda tersebut wujud, suatu analisa dibuat bagi mengkaji samadajumlah bawa bagi aset tersebut boleh diperolehi sepenuhnya. Suatu penyusutan adalah dibuatsekiranya jumlah bawa melebihi jumlah boleh diperolehi. Lihat dasar perakaunan Nota (r) bagipenyusutan aset-aset.

Keuntungan dan kerugian atas pelupusan adalah ditentukan dengan membandingkan jumlahperolehan dengan jumlah bawa dan dimasukkan ke dalam keuntungan/(kerugian) daripada operasi.Atas pelupusan aset-aset dinilai semula, jumlah di dalam Rizab Penilaian Semula berkaitan denganaset-aset tersebut adalah dipindahkan kepada Pendapatan Terkumpul.

Baikpulih dan penyelenggaraan adalah dicaj kepada Penyata Pendapatan di dalam tempoh dimanaia berlaku. Kos pengubahsuaian yang besar adalah dimasukkan di dalam jumlah bawa aset tersebutapabila terdapat kemungkinan bahawa manfaat ekonomi pada masa hadapan daripada prestasiaset yang sedang digunakan adalah berlebihan berbanding piawaian asal yang telah dikaji danakan mengalir kepada Kumpulan. Ubahsuai yang besar adalah disusutnilai menurut bakijangkahayat berguna bagi aset yang berkaitan.

( g )( g )( g )( g )( g ) Matawang AsingMatawang AsingMatawang AsingMatawang AsingMatawang Asing

i. Matawang Dalam Laporan

Penyata kewangan yang dibentangkan adalah didalam Ringgit Malaysia.

ii. Entiti Luar Negara

Penyata-Penyata Pendapatan bagi entiti-entiti luar negara diterjemahkan kepada Ringgit Malaysiapada kadar pertukaran purata bagi tahun semasa dan untuk Lembaran Imbangan diterjemahkanpada kadar pertukaran pada tarikh lembaran imbangan. Perbezaan-perbezaan pertukaran yangtimbul daripada terjemahan semula bagi pelaburan bersih di dalam entiti-entiti luar negara adalahdibawa ke ‘Rizab Tukaran Matawang Asing’ di dalam ekuiti. Bagi pelupusan entiti luar negara,perbezaan-perbezaan dalam terjemahan adalah diambilkira di dalam Penyata Pendapatan sebagaisebahagian daripada keuntungan atau kerugian atas pelupusan.

Muhibbah dan pelarasan nilai saksama yang timbul daripada pengambilalihan sesebuah entitiluar negara adalah diambilkira sebagai aset-aset dan tanggungan-tanggungan Kumpulan danadalah diterjemahkan bersesuaian pada kadar tukaran yang berkuatkuasa pada tarikh urusniagaberkenaan.



laporan kewangan


( g )( g )( g )( g )( g ) Matawang Asing (sambungan)Matawang Asing (sambungan)Matawang Asing (sambungan)Matawang Asing (sambungan)Matawang Asing (sambungan)

iii. Urusniaga-urusniaga Dalam Matawang Asing

Urusniaga-urusniaga matawang asing bagi syarikat-syarikat dalam Kumpulan adalah diambilkirapada kadar tukaran yang lazim terdapat pada tarikh-tarikh urusniaga, melainkan dilindung nilaioleh kontrak pertukaran asing kehadapan, di dalam hal yang demikian kadar-kadar tertentu didalam kontrak-kontrak kehadapan adalah digunakan. Aset-aset dan tanggungan-tanggunganmonetari dalam matawang asing adalah diterjemahkan pada kadar tukaran yang lazim terdapatpada tarikh Lembaran Imbangan berkenaan, melainkan dilindung nilai oleh kontrak-kontrakpertukaran asing kehadapan, di dalam hal yang demikian kadar-kadar tertentu di dalam kontrak-kontrak kehadapan adalah digunakan. Perbezaan pertukaran yang timbul daripada penyelesaianurusniaga-urusniaga matawang asing dan daripada penterjemahan tanggungan-tanggungan danaset-aset monetari bagi matawang asing adalah diambilkira di dalam Penyata Pendapatan.

iv. Kadar-kadar Penutup

Kadar penutup tukaran matawang asing utama yang digunakan dalam penterjemahan jumlah-jumlah matawang asing adalah seperti berikut :-

Matawang Asing 2004 2003 RM RM

1 Dolar Amerika Syarikat 3.80 3.801 Euro 5.17 4.741 Dolar Singapura 2.33 2.231 Dolar Australia 2.96 2.831 Sterling Pound Great Britain 7.32 6.741 Kina Papua New Guinea 1.21 1.151 Dolar Brunei 2.32 2.231 Peso Filipina 0.07 0.071000 Rupiah Indonesia 0.41 0.45

(h )( h )( h )( h )( h ) Perbelanjaan Tanaman Baru Dan Perbelanjaan Tanaman SemulaPerbelanjaan Tanaman Baru Dan Perbelanjaan Tanaman SemulaPerbelanjaan Tanaman Baru Dan Perbelanjaan Tanaman SemulaPerbelanjaan Tanaman Baru Dan Perbelanjaan Tanaman SemulaPerbelanjaan Tanaman Baru Dan Perbelanjaan Tanaman Semula

Perbelanjaan tanaman baru untuk tanah dan penjagaan pokok-pokok sehingga matang dimodalkandalam kos tanah dan tidak dilunaskan. Perbelanjaan tanaman semula diambilkira di dalam PenyataPendapatan apabila perbelanjaan tersebut berlaku.

( i )( i )( i )( i )( i ) Cukai PendapatanCukai PendapatanCukai PendapatanCukai PendapatanCukai Pendapatan

Perbelanjaan cukai semasa adalah ditentukan mengikut Undang-undang Cukai bagi setiap kawasandi mana Kumpulan beroperasi dan termasuk segala cukai-cukai berdasarkan di atas keuntungan-keuntungan kena cukai, termasuk cukai-cukai pegangan yang perlu dibayar oleh satu Syarikat Anakluar negara, Syarikat Bersekutu dan cukai keuntungan hartanah atas pelupusan hartanah.

Cukai tertunda diiktiraf sepenuhnya, menggunakan kaedah liabiliti, bagi perbezaan-perbezaan sementarayang timbul di antara jumlah-jumlah berkaitan aset-aset dan tanggungan-tanggungan untuk tujuanpercukaian dan jumlah bawa mereka di dalam Penyata Kewangan.

Aset cukai tertunda diiktiraf ketahap ada kemungkinan terdapatnya keuntungan yang boleh dikenakan cukaidi masa hadapan yang boleh menggunakan perbezaan-perbezaan sementara atau kerugian percukaian.

Cukai tertunda adalah diiktiraf diatas perbezaan sementara yang timbul atas pelaburan-pelaburan didalam Syarikat-Syarikat Anak dan Syarikat-Syarikat Bersekutu kecuali masa bagi pembalikan perbezaansementara boleh dikawal dan kemungkinan perbezaan sementara tersebut tidak akan dibalikkankanpada masa hadapan yang boleh jangka.

Kadar-kadar cukai yang telah dijadikan undang-undang atau sebahagian besar dijadikan undang-undangpada tarikh Lembaran Imbangan adalah digunakan untuk menentukan cukai tertunda.



laporan kewangan


( j )( j )( j )( j )( j ) Pin jaman-PinjamanPinjaman-PinjamanPinjaman-PinjamanPinjaman-PinjamanPinjaman-Pinjaman

i. Klasifikasi

Pinjaman-pinjaman pada permulaannya diiktiraf berdasarkan penerimaan, setelah ditolakkos-kos transaksi. Di dalam tempoh-tempoh seterusnya, pinjaman-pinjaman adalah dinyatakanpada kos yang dilunaskan dengan menggunakan kaedah pulangan berkesan; sebarangperbezaan di antara penerimaan (ditolak kos-kos transaksi) dan nilai yang ditebus diiktiraf didalam Penyata Pendapatan ke atas tempoh pinjaman-pinjaman berkenaan.

Faedah, dividen, kerugian dan keuntungan yang berkaitan dengan suatu Instrumen Kewangan,atau suatu bahagian diklasifikasikan sebagai suatu tanggungan adalah dilaporkan di dalam koskewangan di dalam Penyata Pendapatan.

ii. Kos Pinjaman Dimodalkan

Kos pinjaman bagi membiayai pembinaan Harta, Loji dan Kelengkapan adalah dimodalkan sebagaisebahagian daripada kos aset tersebut semasa tempoh yang diperlukan untuk menyiap danmenyediakan aset tersebut untuk penggunaan yang dihasratkan. Kos pinjaman yang timbul bagimembiayai aktiviti pembangunan harta dan kontrak-kontrak pembinaan juga diambilkira dengancara yang serupa. Lain-lain kos pinjaman direkodkan sebagai perbelanjaan.

( k )( k )( k )( k )( k ) Geran KerajaanGeran KerajaanGeran KerajaanGeran KerajaanGeran Kerajaan

Geran-geran daripada kerajaan adalah diiktiraf pada nilai saksama mereka di mana terdapatkepastian yang munasabah bahawa geran tersebut akan diterima dan Kumpulan akan mematuhisegala syarat-syarat yang disertakan.

Geran kerajaan berkaitan dengan kos adalah ditunda dan diiktiraf di dalam Penyata Pendapatan disepanjang tempoh yang perlu untuk disesuaikannya dengan kos-kos yang dihasratkan sebagaipenggantian.

Geran-geran kerajaan berkaitan dengan pembelian Harta, Loji dan Kelengkapan adalah termasuk didalam tanggungan-tanggungan bukan semasa sebagai pendapatan tertunda dan dikreditkan kepadaPenyata Pendapatan berasaskan kaedah garis lurus bagi sepanjang jangka hayat kegunaan aset-asetyang berkaitan.

( l )( l )( l )( l )( l ) Lain-lain Aset Tidak ZahirLain-lain Aset Tidak ZahirLain-lain Aset Tidak ZahirLain-lain Aset Tidak ZahirLain-lain Aset Tidak Zahir

Perbelanjaan atas pengambilalihan hak francais induk dinyatakan pada kos dan dilunas menggunakankonsep garis lurus meliputi tempoh 10 tahun.

Kos latihan jururawat dalam bentuk biasiswa dan lain-lain kos yang berkaitan adalah ditangguhkan disepanjang tempoh latihan. Perbelanjaan tersebut akan dilunaskan mengikut tempoh ikatanperkhidmatan di antara 3 hingga 5 tahun selepas lulus, melainkan manfaat berterusan tidak akandiperolehi lagi.

(m)(m)(m)(m)(m) Pengiktirafan PendapatanPengiktirafan PendapatanPengiktirafan PendapatanPengiktirafan PendapatanPengiktirafan Pendapatan

Pendapatan terdiri daripada nilai yang diinbois bagi penjualan barangan dan perkhidmatan, bersihselepas cukai jualan, rebet dan diskaun-diskaun, dan setelah menghapuskira jualan-jualan di dalamKumpulan.

Pendapatan daripada penjualan barangan diiktiraf apabila risiko ketara dan ganjaran pemilikan barang-barang dipindahkan kepada pembeli. Pendapatan daripada pemberian perkhidmatan adalahberdasarkan kepada tahap penyiapan yang ditentukan oleh perkhidmatan yang telah dilaksanakanterkini sebagai peratus daripada keseluruhan perkhidmatan untuk dilaksanakan.



laporan kewangan


(m)(m)(m)(m)(m) Pengiktirafan Pendapatan (sambungan)Pengiktirafan Pendapatan (sambungan)Pengiktirafan Pendapatan (sambungan)Pengiktirafan Pendapatan (sambungan)Pengiktirafan Pendapatan (sambungan)

Pendapatan daripada penjualan hartanah industri dan pembangunan diiktiraf secara beransur-ansurberdasarkan kaedah tahap penyiapan. Jika kerugian-kerugian boleh dijangkakan ke atas projek-projek pembangunan adalah diduga, peruntukan penuh bagi kerugian tersebut dibuat di dalam PenyataKewangan.

Pendapatan faedah diiktiraf atas dasar bahagian masa, dengan mengambilkira prinsipal yang tertunggakdan kadar berkesan di atas tempoh ke peringkat kematangan, apabila ditentukan bahawa pendapatanberkenaan akan diperolehi oleh Kumpulan. Dividen-dividen adalah diiktiraf apabila hak Kumpulan untukmenerima pembayaran telah ditetapkan.

(n )( n )( n )( n )( n ) Penghutang-Penghutang PerdaganganPenghutang-Penghutang PerdaganganPenghutang-Penghutang PerdaganganPenghutang-Penghutang PerdaganganPenghutang-Penghutang Perdagangan

Penghutang perdagangan adalah dibawa pada jumlah yang diinboiskan ditolak dengan peruntukanyang dibuat bagi hutang-hutang ragu. Peruntukan ini dipastikan apabila terdapat bukti munasabahbahawa Kumpulan tidak akan dapat mengutip segala jumlah yang matang menurut syarat asalpenerimaan berkenaan. Jumlah peruntukan adalah perbezaan di antara jumlah bawa dan jumlahyang boleh diperolehi.

( o )( o )( o )( o )( o ) Pajakan-pajakanPajakan-pajakanPajakan-pajakanPajakan-pajakanPajakan-pajakan

i. Pajakan-pajakan Kewangan

Pajakan-pajakan bagi Harta, Loji dan Kelengkapan di mana Kumpulan mendapat sebahagianbesar manfaat dan risiko-risiko pemilikan adalah diklasifikasikan sebagai pajakan-pajakan kewangan.

Pajakan-pajakan kewangan adalah dimodalkan pada masa pajakan bermula pada nilai saksamaterendah aset yang dipajak atau nilai kini untuk pembayaran pajakan minima. Setiap pembayaranpajakan diagihkan di antara tanggungan dan caj-caj kewangan bagi mencapai kadar tempohkekal ke atas baki kewangan tertunggak. Obligasi-obligasi sewa yang berkenaan, ditolak caj-cajkewangan, adalah termasuk di dalam pinjaman. Elemen faedah bagi caj kewangan tersebut dicajkepada Penyata Pendapatan di sepanjang tempoh pajakan tersebut.

Harta, Loji dan Kelengkapan yang dibeli di bawah pajakan kewangan disusutnilai mengikut yangterlebih pendek di antara jangka hayat berguna aset tersebut dan tempoh pajakan.

ii. Pajakan-pajakan Operasi

Pajakan-pajakan bagi aset-aset di mana sebahagian besar risiko-risiko dan pemberian ketarahakmilik disimpan oleh pemberi pajakan adalah diklasifikasikan sebagai pajakan-pajakan operasi.Pembayaran-pembayaran yang dibuat di bawah pajakan-pajakan operasi (ditolak sebarang galakanyang diterima daripada pemberi pajakan) dicaj kepada Penyata Pendapatan berasaskan garislurus untuk sepanjang tempoh pajakan.

Apabila suatu pajakan operasi dihentikan sebelum tempoh pajakan tamat, sebarang pembayaranyang perlu dibuat kepada pemberi pajakan sebagai penalti diiktiraf sebagai perbelanjaan di dalamtempoh pemberhentian tersebut berlaku.



laporan kewangan


( p )( p )( p )( p )( p ) Tunai Dan Persamaan TunaiTunai Dan Persamaan TunaiTunai Dan Persamaan TunaiTunai Dan Persamaan TunaiTunai Dan Persamaan Tunai

Bagi tujuan penyata aliran tunai, tunai dan persamaan tunai yang terdiri daripada tunai di tangan,deposit yang disimpan di bank-bank yang boleh dicairkan pada bila-bila masa, lain-lain pelaburanjangka pendek yang tersedia ditukar kepada jumlah tunai yang diketahui dan yang tertakluk kepadarisiko pertukaran nilai yang tidak ketara dan overdraf bank. Overdraf bank adalah termasuk di dalampinjaman di dalam tanggungan semasa pada Lembaran Imbangan.

( q )( q )( q )( q )( q ) Instrumen-instrumen KewanganInstrumen-instrumen KewanganInstrumen-instrumen KewanganInstrumen-instrumen KewanganInstrumen-instrumen Kewangan

i. Keterangan

Instrumen Kewangan adalah sebarang kontrak yang menimbulkan kepada kedua-dua asetkewangan dan suatu tanggungan kewangan atau instrumen ekuiti bagi perusahaan yang lain.

Aset kewangan ialah sebarang aset tunai, hak kontrak untuk menerima tunai atau aset kewanganlain daripada perusahaan lain, hak kontrak untuk menukarkan daripada perusahaan lain, hakkontrak untuk menukarkan Instrumen-Instrumen Kewangan dengan perusahaan lain di bawahsyarat-syarat yang berpotensi untuk memihak, atau instrumen ekuiti bagi perusahaan lain.

Tanggungan kewangan ialah sebarang tanggungan yang wajib ditunaikan atau aset kewanganlain kepada perusahaan lain, atau untuk menukar Instrumen Kewangan dengan perusahaan laindi bawah syarat-syarat yang tidak memihak kepadanya.

ii. Instrumen Kewangan yang diiktiraf pada Lembaran Imbangan.

Kaedah pengiktirafan tertentu yang diguna pakai bagi Instrumen Kewangan diiktiiraf padaLembaran Imbangan adalah dinyatakan di dalam penyata-penyata dasar individu yang berkaitandengan setiap item.

iii. Instrumen Kewangan tidak diiktiraf pada Lembaran Imbangan

Kumpulan merupakan suatu pihak kepada Instrumen Kewangan yang mengandungi kontrakkehadapan matawang asing. Instrumen-instrumen tersebut tidak diiktiraf di dalam PenyataKewangan secara terus apabila ia berlaku.

Kontrak kehadapan matawang asing

Kumpulan memasuki kontrak kehadapan matawang asing untuk melindungi Kumpulan daripadapergerakan di dalam kadar-kadar pertukaran dengan menetapkan kadar pada suatu aset matawangasing atau tanggungan untuk diselesaikan.

Keuntungan dan kerugian pertukaran yang timbul daripada kontrak yang dimasuki di dalam lindungnilai bagi transaksi-transaksi masa hadapan yang boleh jangka adalah ditangguhkan sehinggatarikh transaksi berkenaan di mana pada masa tersebut mereka dimasukkan di dalam pengukurantransaksi-transaksi tersebut.



laporan kewangan


( q )( q )( q )( q )( q ) Instrumen-Instrumen KewanganInstrumen-Instrumen KewanganInstrumen-Instrumen KewanganInstrumen-Instrumen KewanganInstrumen-Instrumen Kewangan (sambungan)

iii. Instrumen Kewangan tidak diiktiraf pada Lembaran Imbangan (sambungan)

Lain-lain keuntungan dan kerugian pertukaran berkaitan kepada instrumen lindung nilai adalahdiiktiraf di dalam Penyata Pendapatan di dalam tempoh yang sama sebagai perbezaan pertukarandi atas item-item yang dilindung nilai tersebut. Keuntungan dan kerugian atas kontrak-kontrakyang tidak lagi dianggap sebagai lindung nilai adalah diambilkira di dalam Penyata Pendapatan.

iv. Anggaran nilai setara untuk tujuan pendedahan

Nilai saksama bagi sekuriti yang didagangkan secara awam adalah berdasarkan ke atas harga-harga pasaran yang disiarkan pada tarikh Lembaran Imbangan.

Nilai saksama bagi tanggungan kewangan adalah dianggarkan dengan mendiskaun aliran tunaikontrak untuk masa hadapan pada kadar faedah pasaran semasa yang didapati kepada Kumpulanbagi Instrumen Kewangan yang serupa.

Nilai muka bagi aset-aset kewangan dan tanggungan kewangan dengan kematangan kurangdaripada satu tahun adalah diandaikan kepada anggaran nilai muka mereka.

( r )( r )( r )( r )( r ) Penyusutan AsetPenyusutan AsetPenyusutan AsetPenyusutan AsetPenyusutan Aset

Harta, loji dan kelengkapan dan lain-lain aset bukan semasa, termasuk aset-aset tidak zahir, adalahdikaji untuk kerugian-kerugian penyusutan sekiranya kejadian atau perubahan di dalam keadaanmenandakan bahawa jumlah bawa mungkin tidak dapat diperolehi semula. Kerugian penyusutanadalah diiktiraf bagi jumlah yang mana jumlah nilai bawa aset melebihi jumlah yang dapat diperolehisemula. Jumlah yang dapat diperolehi semula bagi suatu aset adalah jumlah yang lebih tinggi diantara harga jualan bersih dan nilai dalam penggunaan. Bagi tujuan mengkaji penyusutan, aset-asetadalah dikumpulkan pada tahap yang paling rendah di mana terdapat aliran tunai yang dapat dikenalpastisecara berasingan.

Kerugian penyusutan adalah dicaj kepada Penyata Pendapatan melainkan ia akan menyusutkan penilaiansemula yang lalu di mana ia akan dicaj kepada lebihan penilaian semula. Selepas itu, sebarangkenaikan selepas itu di dalam jumlah yang boleh diperolehi semula adalah diiktiraf di dalam PenyataPendapatan kecuali ia memulihkan suatu kerugian penyusutan di atas suatu aset yang dinilai semuladi mana ia akan dibawa ke dalam lebihan penilaian semula.

(s )(s )(s )(s )(s ) Laporan SegmenLaporan SegmenLaporan SegmenLaporan SegmenLaporan Segmen

Laporan segmen adalah dibentangkan bagi penilaian lanjut terhadap pulangan dan risiko Kumpulan.Segmen-segmen bisnes memberikan produk-produk atau perkhidmatan-perkhidmatan yang tertaklukkepada risiko dan pulangan yang berlainan daripada segmen-segmen lain-lain bisnes. Segmen geografimenyediakan produk-produk dan perkhidmatan-perkhidmatan bagi suatu suasana ekonomi khususyang tertakluk kepada risiko dan pulangan yang tiada perbezaan daripada komponen yang beroperasidi dalam lain-lain suasana ekonomi.

Pendapatan segmen, perbelanjaan, aset dan tanggungan adalah jumlah-jumlah hasil daripada aktiviti-aktiviti operasi bagi suatu segmen yang berkait secara langsung dan bahagian berkenaan yang dapatdiperuntukkan atas suatu dasar munasabah kepada segmen. Pendapatan, perbelanjaan, aset dantanggungan segmen adalah ditentukan sebelum baki-baki dalam Kumpulan dan urusniaga-urusniagadi dalam Kumpulan dihapus sebagai sebahagian proses penyatuan, kecuali sehingga baki-baki dalamKumpulan tersebut dan urusniaga-urusniaga adalah di antara perusahaan-perusahaan Kumpulan didalam suatu segmen.



laporan kewangan


( t )( t )( t )( t )( t ) Kontrak-kontrak PembinaanKontrak-kontrak PembinaanKontrak-kontrak PembinaanKontrak-kontrak PembinaanKontrak-kontrak Pembinaan

Suatu kontrak pembinaan adalah suatu kontrak secara khusus dirundingkan bagi pembinaan suatuaset atau suatu kombinasi aset-aset yang berkait rapat satu sama lain atau saling bergantungan darisegi rekabentuk, teknologi dan fungsi atau kegunaan atau tujuan muktamad yang sama.

Apabila hasil suatu kontrak pembinaan dapat dianggarkan dengan kepastian, hasil kontrak dan koskontrak adalah diiktiraf dengan menggunakan kaedah tahap penyiapan. Tahap penyiapan diukurdengan merujuk kepada bahagian kos kontrak yang telah dilaksanakan hingga kini terhadap anggarankos keseluruhan kontrak.

Jika hasil suatu kontrak pembinaan tidak dapat dianggarkan secara pasti, pendapatan kontrak akandiiktiraf hanya sehingga tahap kos kontrak yang telah berlaku dan berkemungkinan akan diperolehi;kos kontrak adalah diiktiraf apabila ia dilaksanakan.

Tanpa mengambilkira samada hasil bagi sesuatu kontrak pembinaan dapat dianggarkan secara pasti,di mana kemungkinan jumlah kos kontrak akan melebihi jumlah pendapatan kontrak, kerugian yangdijangkakan akan diiktiraf sebagai perbelanjaan dengan serta merta.

Jumlah kos yang dilaksanakan dan keuntungan/kerugian yang diiktiraf ke atas setiap kontrakdibandingkan kepada bil-bil kemajuan sehingga akhir tempoh. Di mana kos terlaksana dan keuntungan-keuntungan diiktiraf (ditolak kerugian-kerugian yang diiktiraf) melebihi bil-bil kemajuan, bakinyaditunjukkan sebagai jumlah terhutang daripada pelanggan-pelanggan atas kontrak-kontrak pembinaandibawah penghutang, deposit dan bayaran kehadapan (di dalam aset semasa). Di mana bil kemajuanmelebihi kos yang dibuat campur keuntungan yang diiktiraf (ditolak kerugian yang diiktiraf), bakinyaditunjukkan sebagai jumlah terhutang kepada pelanggan-pelanggan atas kontrak pembinaan di bawahsipiutang (di dalam tanggungan semasa).

( u )( u )( u )( u )( u ) Manfaat Anggota PekerjaManfaat Anggota PekerjaManfaat Anggota PekerjaManfaat Anggota PekerjaManfaat Anggota Pekerja

i. Manfaat anggota pekerja jangka pendek

Upah, gaji, cuti tahunan berbayar dan cuti sakit, bonus, dan manfaat bukan berbentuk wangadalah diakru di dalam tempoh di mana perkhidmatan yang berkaitan telah diberikan oleh anggotapekerja Kumpulan.

ii. Manfaat selepas pekerjaan

Kumpulan mempunyai pelbagai skim manfaat selepas pekerjaan yang bersesuaian dengan keadaansetempat dan amalan-amalan di dalam negara-negara di mana ia beroperasi. Pelan-pelan manfaattersebut adalah samada caruman yang ditetapkan atau pelan manfaat yang ditetapkan.

Pelan-pelan Caruman DitetapkanPelan-pelan Caruman DitetapkanPelan-pelan Caruman DitetapkanPelan-pelan Caruman DitetapkanPelan-pelan Caruman Ditetapkan

Suatu pelan caruman ditetapkan adalah suatu pelan pencen di mana Kumpulan membayarcaruman-caruman tetap ke dalam suatu entiti berasingan (suatu dana) dan tidak ada kewajipanterbina atau perundangan untuk membayar caruman seterusnya sekiranya dana tidak mempunyaiaset-aset yang mencukupi untuk membayar semua manfaat anggota pekerja berkaitan kepadaperkhidmatan anggota pekerja di dalam tempoh-tempoh semasa dan terdahulu.

Caruman-caruman Kumpulan kepada pelan-pelan caruman tetap adalah dicaj kepada PenyataPendapatan dalam tempoh ianya berkaitan. Sebaik sahaja caruman-caruman tersebut telahdibayar, Kumpulan tidak lagi berkewajipan untuk membuat bayaran selanjutnya.



laporan kewangan


( u )( u )( u )( u )( u ) Manfaat Anggota Pekerja Manfaat Anggota Pekerja Manfaat Anggota Pekerja Manfaat Anggota Pekerja Manfaat Anggota Pekerja (sambungan)

ii. Manfaat Selepas Pekerjaan (sambungan)

Pelan-pelan Manfaat DitetapkanPelan-pelan Manfaat DitetapkanPelan-pelan Manfaat DitetapkanPelan-pelan Manfaat DitetapkanPelan-pelan Manfaat Ditetapkan

Tanggungan berkenaan bagi suatu pelan manfaat ditetapkan adalah nilai semasa bagi kewajipanmanfaat ditetapkan pada tarikh Lembaran Imbangan ditolak nilai saksama bagi aset-aset dalampelan, bersama dengan pelarasan-pelarasan untuk kerugian/keuntungan aktuari dan kosperkhidmatan lalu. Kumpulan menentukan nilai semasa bagi kewajipan manfaat yang ditetapkandan nilai saksama bagi sebarang aset-aset pelan dengan kekerapan yang mencukupi supayajumlah-jumlah yang diiktiraf di dalam Penyata Kewangan tidak berbeza dengan ketara daripadajumlah yang akan ditentukan pada tarikh Lembaran Imbangan.

Kewajipan manfaat ditetapkan, yang dikira menggunakan kaedah unit kredit yang diunjurkan,ditentukan oleh aktuari-aktuari bebas, mengambilkira anggaran aliran tunai masa hadapanmenggunakan penghasilan pasaran pada tarikh Lembaran Imbangan sekuriti kerajaan yangmempunyai matawang dan tempoh-tempoh untuk kematangan yang menyerupai syarat-syarattanggungan yang berkaitan.

Kerugian dan keuntungan aktuari timbul daripada pelarasan-pelarasan berpengalaman danperubahan di dalam andaian-andaian aktuari. Jumlah kerugian dan keuntungan aktuari yangdiiktiraf di dalam Penyata Pendapatan ditentukan oleh kaedah koridor yang mematuhi piawaianMASB 29 dan dicaj atau dikredit kepada pendapatan meliputi tempoh perkhidmatan berbakipurata bagi anggota pekerja-anggota pekerja yang berkaitan mengambil bahagian di dalampelan manfaat ditetapkan.

Pada permulaan menerima pakai piawaian MASB 29 pada 1 April 2003, peningkatan di dalamtanggungan manfaat yang tetap diiktiraf sebagai perbelanjaan atas garis lurus meliputi tempoh 5tahun bersesuaian dengan peruntukan peralihan piawaian.

iii. Manfaat Pemberhentian

Manfaat-manfaat pemberhentian sepatutnya dibayar apabila pekerjaan seseorang anggota pekerjaditamatkan sebelum tarikh persaraan biasa atau apabila seorang anggota pekerja menerimakelebihan secara sukarela bagi pertukaran bagi manfaat-manfaat tersebut. Kumpulan mengiktirafmanfaat pemberhentian apabila ia menunjukkan kesungguhan kepada samada memberhentikanpekerjaan anggota pekerja pada waktu semasa mengikut kepada suatu pelan formal tanpakemungkinan untuk menarik atau untuk memberi manfaat pemberhentian atas sebab suatutawaran dibuat untuk menggalakkan kelebihan secara sukarela. Manfaat-manfaat yang tergulungsebagai matang melebihi 12 bulan selepas tarikh Lembaran Imbangan adalah didiskaun kepadanilai semasa.



laporan kewangan


( v )( v )( v )( v )( v ) Aktiviti-aktiviti Pembangunan HartaAktiviti-aktiviti Pembangunan HartaAktiviti-aktiviti Pembangunan HartaAktiviti-aktiviti Pembangunan HartaAktiviti-aktiviti Pembangunan Harta

i. Tanah Dalam Pegangan Untuk Pembangunan

Tanah dalam pegangan untuk pembangunan hartanah terdiri daripada tanah yang mana tiadakerja pembangunan ketara telah dipersetujui atau di mana aktiviti-aktiviiti pembangunan tidakdijangkakan akan disiapkan di dalam pusingan operasi normal. Tanah yang sedemikiandiklasifikasikan sebagai aset bukan semasa dan dinyatakan pada kos ditolak kerugian penyusutanterkumpul.

Kos yang berkaitan dengan pengambilalihan tanah adalah termasuk harga belian tanah, yuranprofesional, duti stem, komisen, yuran tukar syarat dan lain-lain levi berkaitan. Jika terdapattanda penyusutan wujud, jumlah bawa aset dikaji semula dan dikurangkan serta merta kepadajumlah boleh diperolehi.

Tanah yang dipegang untuk pembangunan hartanah akan dipindahkan kepada kos pembangunanhartanah (di bawah aset semasa) apabila aktiviti-aktiviti pembangunan telah bermula dan di manaaktiviti pembangunan akan disiapkan pada waktu pusingan operasi biasa Kumpulan 2 hingga 4tahun.

ii. Kos Pembangunan Hartanah

Kos pembangunan hartanah berkaitan dengan pengambilalihan tanah dan segala kos langsungyang terbabit kepada aktiviti pembangunan atau yang boleh diperuntukkan atas dasar munasabahkepada aktiviti-aktiviti tersebut.

Apabila keputusan aktiviti pembangunan dapat dianggarkan secara lebih pasti, pendapatan hartanahpembangunan dan perbelanjaan adalah diiktiraf dengan menggunakan kaedah tahap penyiapan.Tahap penyiapan adalah diukur berdasarkan bahagian kos pembangunan hartanah kepada jumlahkos yang dianggarkan bagi pembangunan hartanah.

Apabila keputusan untuk suatu aktiviti pembangunan tidak dapat dibuat dengan pasti, pendapatanpembangunan hartanah diiktiraf hanya kepada had kos pembangunan hartanah yang dibuat yangkemungkinan akan diperolehi; kos pembangunan hartanah di atas unit-unit yang dibangunkanyang terjual adalah diiktiraf apabila ianya berlaku.

Tanpa mengira samada keputusan bagi aktiviti pembangunan hartanah dapat dianggarkan secarapasti, apabila kemungkinan bahawa kos pembangunan hartanah (termasuk perbelanjaantanggungan kerosakan) dijangka akan melebihi jumlah pendapatan pembangunan hartanah,kerugian yang dijangka adalah diiktiraf sebagai perbelanjaan dengan serta merta.

Kos pembangunan hartanah yang tidak diiktiraf sebagai suatu perbelanjaan akan diiktiraf sebagaiaset dan dinyatakan pada yang lebih rendah antara kos dan nilai realisasi bersih.

Di mana pendapatan diiktiraf di dalam Penyata Pendapatan melebihi tuntutan-tuntutan kepadapembeli, baki berkenaan ditunjukkan sebagai tuntutan-tuntutan terakru di bawah siberhutang,deposit dan bayaran terdahulu (di dalam aset semasa). Di mana tuntutan-tuntutan kepada pembelimelebihi pendapatan diiktiraf di dalam Penyata Pendapatan, baki tersebut ditunjukkan sebagaituntutan-tuntutan kemajuan di bawah sipiutang (di dalam tanggungan semasa).

Pada tahun kewangan semasa, Kumpulan memerima pakai piawaian MASB 32, Aktiviti-AktivitiPembangunan Hartanah. Penerimaan pakai MASB 32 tidak menimbulkan sebarang pelarasankepada baki-baki permulaan bagi keuntungan yang belum diagihkan bagi tahun terdahulu dantahun semasa.



laporan kewangan

44444 PENDAPATANPENDAPATANPENDAPATANPENDAPATANPENDAPATAN Kumpulan Johor Corporation

2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000

Jualan Barang-Barangan 1,556,272 1,289,412 154,410 142,887Pendapatan Daripada Pembangunan Hartanah Dan Industri 152,481 190,644 93,882 35,539Pendapatan Daripada Perkhidmatan Hospital 383,606 474,120 - -Pendapatan Daripada Hotel Dan Perkhidmatan Pelancongan 32,055 33,695 - -Pendapatan Daripada Perkhidmatan Pengurusan 37,006 18,063 - -Penjualan Pelaburan-Pelaburan Jangka Pendek 8,714 6,220 6,585 6,088Pendapatan Dividen 5,466 4,244 27,076 18,465Pendapatan Sewa 79,387 43,347 23,840 23,077Pendapatan Faedah 16 20 - -Pendapatan Daripada Perkhidmatan Pengangkutan 19,996 23,836 - -Lain-lain Perkhidmatan Yang Diberikan 268,384 55,372 - -

HHHHHHHH HHHHHHH HHHHHHH HHHHHHH2,543,3832,543,3832,543,3832,543,3832,543,383 2,138,9732,138,9732,138,9732,138,9732,138,973 305,793305,793305,793305,793305,793 226,056226,056226,056226,056226,056NNNNNNNN NNNNNNN NNNNNNN NNNNNNN

55555 KEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASI

Perkara-perkara di bawah telah dicaj dalam mencapai keuntungan dari operasi:


RM’000 RM’000 RM’000 RM’000Ganjaran Juruaudit : - Tahun Semasa 1,681 2,733 100 92 - Kurangan Peruntukan Tahun Lalu 136 106 - - Harta, Loji Dan Kelengkapan :- Susutnilai 157,395 152,315 15,000 13,186- Hapuskira 5,917 7,692 126 177- Kerugian Rosotnilai Yang Termasuk Di Dalam ‘Perbelanjaan Pentadbiran’ 29,932 19,617 - -Kos Pekerja (Nota 6) 324,263 283,409 14,701 15,662Sewa Pejabat Dan Bangunan 44,604 39,890 96 118Sewaan Harta, Loji Dan Kelengkapan 11,817 5,622 - -Penyusutan Nilai Pelaburan-Pelaburan 58,572 30,107 15,715 105,571Peruntukan Hutang Ragu 13,557 126,891 27,701 69,016Perbelanjaan Tanaman Semula 11,303 10,996 - -Pelunasan Aset Tidak Zahir 15,306 21,429 - -Peruntukan Rosotnilai Atas Perbelanjaan Pembangunan - 4,533 - -Hapuskira Pelaburan 82,168 114 82,168 54Hapuskira Hutang Lapuk 2,378 1,717 346 551Peruntukan Inventori Usang - 146 - -Rosotnilai / Hapuskira Inventori 434 226 - -Perbelanjaan Pembangunan :- Hapuskira 108,300 2,705 - 1,544- Pelunasan 6,500 6,500 - -



laporan kewangan

55555 KEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASIKEUNTUNGAN DARI OPERASI (sambungan)


RM’000 RM’000 RM’000 RM’000

Kerugian Bersih Atas Pertukaran Matawang Asing :- Nyata 255 329 - 116- Belum Nyata 22,459 1,324 - -Hapuskira Muhibbah 2,723 3,471 - -Kerugian Atas Pelupusan Pelaburan Dalam :- Syarikat Anak 5,710 - 3,180 -- Syarikat Bersekutu 1,088 - 24 -- Lain-lain Pelaburan 3,011 - - 4,944

NNNNNN NNNNNN NNNNNN NNNNNN

Dan setelah mengkreditkan item-item berikut :-

Dividen Kasar : - Saham Tersiar Harga Dalam Malaysia 1,302 826 24,018 19,951 - Saham Tidak Tersiar Harga Dalam Malaysia 2,968 3,418 3,058 1,486Rosotnilai Atas Pelaburan Ditulis Semula 103,517 175,342 156,577 486,745Peruntukan Hutang Ragu Ditulis Semula 7,422 63,946 7,128 59,482Hutang Lapuk Diperolehi Kembali 1,967 64,263 - -Peruntukan Rosotnilai Inventori Usang Ditulis Semula 17 137 - -Keuntungan Di Atas Pelupusan Pelaburan Dalam : - Syarikat-Syarikat Anak 19,187 342 9,256 5,628 - Syarikat-Syarikat Bersekutu 3,753 1,680 - 1,680 - Lain-lain Pelaburan 6,047 83 - -Keuntungan Di Atas Penjualan Harta, Loji Dan Kelengkapan 7,499 7,036 329,651 6,915Keuntungan Pertukaran Matawang Asing Belum Nyata Atas Pendahuluan Antara Syarikat - 11,459 - -Keuntungan Di Atas Penjualan Perbelanjaan Pembangunan 61,063 21,080 42,511 21,080Pendapatan Faedah 12,236 21,228 6,093 13,304Pendapatan Sewa 31,305 23,555 23,840 23,077Pelunasan Rizab Atas Penyatuan 14,866 9,936 - -Keuntungan Bersih Atas Pertukaran Matawang Asing :- Nyata 6,249 13,236 10 -- Belum Nyata 153 6,181 - -Pelarasan Di Atas Kos Tanah Di Bawah Pembangunan Kepada Nilai Realisasi Bersih - 65,017 - -Pemiutang Ditulis Semula/Pengecualian Diterima 4,038 - - -Pampasan Atas Penamatan Awal Perjanjian Daripada Kerajaan Negeri 60,819 - - -

NNNNNN NNNNNN NNNNNN NNNNNN



laporan kewangan

66666 KOS PEKERJAKOS PEKERJAKOS PEKERJAKOS PEKERJAKOS PEKERJA


RM’000 RM’000 RM’000 RM’000

Upah, Gaji Dan Bonus 285,395 250,469 13,093 13,771Pelan Persaraan Caruman Ditetapkan 26,760 22,471 1,176 1,388Manfaat Pemberhentian 58 764 - -Lain-lain Faedah Pekerja 12,050 9,705 432 503



Bilangan anggota pekerja pada akhir tahun berjumlah seramai 25,420 orang (2003 : 24,016 orang) didalam Kumpulan dan 239 orang (2003 : 239 orang ) dalam Johor Corporation.

Skim Opsyen Saham Anggota PekerjaSkim Opsyen Saham Anggota PekerjaSkim Opsyen Saham Anggota PekerjaSkim Opsyen Saham Anggota PekerjaSkim Opsyen Saham Anggota Pekerja

Skim Opsyen Saham Anggota Pekerja (“ESOS”) Johor Corporation telah dilaksanakan pada 14 September2004 menurut surat ikatan amanah di antara Johor Corporation (“JCorp”) dan Johor Ventures Sdn Bhd(“JVSB”), di mana saham tertentu di dalam syarikat tersenarai milik JCorp, iaitu Kulim (M) Berhad, KPJHealthcare Berhad, Sindora Berhad dan Johor Land Berhad, dipindah dan dipegang di bawah amanaholeh JVSB sebagai pemegang amanah skim tersebut. JVSB bersetuju untuk memegang saham-sahamyang dimiliki oleh JCorp dan akan menguruskan saham-saham tersebut menurut sebagaimana arahanbertulis JCorp dan khususnya, bagi tujuan pemberian opsyen kepada para pengarah dan anggota pekerjadi bawah Kumpulan JCorp yang telah diluluskan oleh JCorp dan telah dipersetujui untuk dijual dan dipindahmilik saham tersebut menurut terma-terma Perjanjian Opsyen masing-masing yang dimeterai antara JVSBdan Pemegang Opsyen Berkelayakan dalam Kumpulan JCorp.

Ciri-ciri utama ESOS JCorp adalah seperti berikut:

i) Opsyen adalah bagi tempoh 5 tahun bermula 16 September 2004 dan luput pada 15 September2009 atau menurut satu tarikh lanjutan yang mungkin dipersetujui oleh pihak-pihak berkaitan secarabertulis;

ii) Pemegang Opsyen boleh melaksanakan pada bila-bila masa tetapi setiap perlaksanaan mestilahdengan kadar minima 20% daripada kelayakan masing-masing;

iii) Lembaga Pengarah JCorp akan menentukan siapakah diantara Pengarah dan Pekerja yang layakmenerima opsyen ini;

iv) Pemegang Opsyen mesti menyelesaikan harga opsyen pada masa pengeluaran notis pelaksanaanopsyen;

v) Harga opsyen adalah seperti yang dinyatakan di dalam Jadual Pertama Perjanjian Opsyen yang dimeteraidi antara Pemegang Opsyen Berkelayakan dan JVSB; dan

vi) Sekiranya pada bila-bila masa di antara 12 bulan pertama, Pemegang Opsyen ESOS menyertai SkimIntrapreneur pemegang saham berkenaan akan kehilangan kelayakan di bawah ESOS sehingga kehad nilai saham di bawah Skim Intrapreneur.



laporan kewangan

77777 IMBUHAN PARA PENGARAHIMBUHAN PARA PENGARAHIMBUHAN PARA PENGARAHIMBUHAN PARA PENGARAHIMBUHAN PARA PENGARAH


RM’000 RM’000 RM’000 RM’000

Pengarah Bukan Eksekutif :- Yuran 550 825 550 825Pengarah Eksekutif :- Yuran 207 233 50 75- Gaji Dan Bonus 416 460 416 460- Pelan Persaraan Caruman Ditetapkan 57 48 57 48- Lain-lain Manfaat Pekerja 269 264 269 264



88888 KOS KEWANGANKOS KEWANGANKOS KEWANGANKOS KEWANGANKOS KEWANGAN


RM’000 RM’000 RM’000 RM’000

Faedah Overdraf Bank 3,010 4,018 - -Faedah Pinjaman Jangka Pendek 23,131 25,171 15,116 15,055Faedah Pinjaman Berjangka 42,250 42,662 17 204Faedah Atas Sewabeli 2,489 1,634 - -Faedah Atas Stok Pinjaman 1,221 5,086 - -Faedah Atas Bon Islam Yang Boleh Di Tebus Terjamin 161,435 161,438 161,435 161,438Faedah Atas Sijil Yang Boleh Di Tebus Terjamin 3,783 4,059 3,783 4,059Faedah Atas Pinjaman-Pinjaman Kerajaan Persekutuan 1,621 1,870 1,621 1,870Faedah Atas Caj Kelewatan 1,201 62 - -Lain-lain (2,166) 1,341 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHJumlah Perbelanjaan Faedah 237,975 247,341 181,972 182,626

Ditolak : Jumlah Dimodalkan Kepada : Perbelanjaan Tanah Dan Pembangunan (Nota 11) (3,877) (3,138) - - Harta, Loji Dan Kelengkapan (Nota 10) (2,816) (745) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHPerbelanjaan Faedah Dicaj Kepada Penyata Pendapatan 231,282 243,458 181,972 182,626Pendapatan Faedah Simpanan Tetap (72) (45) - -





laporan kewangan

99999 CUKAICUKAICUKAICUKAICUKAI Kumpulan Johor Corporation

2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000

Cukai Bagi Tahun Semasa :- Malaysia 73,576 62,197 12,443 21,307- Luar Negara 39,413 25,357 - -

Cukai Tertunda (Nota 23) :- Malaysia (1,758) 7,878 (3,909) (1,974)- Luar Negara 9,299 9,749 - -

Bahagian Cukai Dalam Syarikat-Syarikat Bersekutu 4,575 4,675 - -



Cukai SemasaCukai SemasaCukai SemasaCukai SemasaCukai Semasa- Tahun semasa 121,653 95,420 12,443 21,307- Terlebih akru pada tahun sebelumnya (bersih) (4,566) (3,191) - -


Cukai TertundaCukai TertundaCukai TertundaCukai TertundaCukai TertundaPermulaan Dan Pembalikan perbezaan sementara 8,018 17,627 (3,909) (1,974)





laporan kewangan

99999 CUKAI CUKAI CUKAI CUKAI CUKAI (sambungan)

Penyesuaian di antara perbelanjaan cukai dan keuntungan perakaunan berbanding KadarPenyesuaian di antara perbelanjaan cukai dan keuntungan perakaunan berbanding KadarPenyesuaian di antara perbelanjaan cukai dan keuntungan perakaunan berbanding KadarPenyesuaian di antara perbelanjaan cukai dan keuntungan perakaunan berbanding KadarPenyesuaian di antara perbelanjaan cukai dan keuntungan perakaunan berbanding KadarPercukaian MalaysiaPercukaian MalaysiaPercukaian MalaysiaPercukaian MalaysiaPercukaian Malaysia


RM’000 RM’000 RM’000 RM’000

Keuntungan daripada aktiviti biasa sebelum cukaiKeuntungan daripada aktiviti biasa sebelum cukaiKeuntungan daripada aktiviti biasa sebelum cukaiKeuntungan daripada aktiviti biasa sebelum cukaiKeuntungan daripada aktiviti biasa sebelum cukai 204,715204,715204,715204,715204,715 262,843262,843262,843262,843262,843 254,115254,115254,115254,115254,115 296,517296,517296,517296,517296,517NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Cukai di kira pada kadar percukaian Malaysia 28% (2003 : 28%) 57,321 73,596 71,152 83,025Kesan perbezaan kadar cukai 20% (2003 : 20%) ke atas RM500,000 (2003 : RM100,000) pertama untuk syarikat sederhana yang layak (318) (80) - -Kesan cukai di atas :- perbezaan kadar cukai luar negeri 831 1,718 - -- perbelanjaan tidak dibenarkan bagi tujuan percukaian 108,696 199,084 36,974 50,433- pendapatan tidak dikenakan cukai (29,458) (172,804) (95,172) (114,125)- aset cukai tertunda (diiktiraf) / tidak diiktiraf (7,401) 11,533 (4,420) -Terlebih akru pada tahun-tahun terdahulu (bersih) (4,566) (3,191) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHPerbelanjaan cukaiPerbelanjaan cukaiPerbelanjaan cukaiPerbelanjaan cukaiPerbelanjaan cukai 125,105125,105125,105125,105125,105 109,856109,856109,856109,856109,856 8,5348,5348,5348,5348,534 19,33319,33319,33319,33319,333




laporan kewangan

1010101010 HARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPAN

BUKAN SEMASA

Lengkapan & KerjaPerbelanjaan Lekapan, Modal

Tanah Tanah Pembangunan Loji & Mesin Dalam Milik Bebas Pajakan Ladang Bangunan Dan Kenderaan Perlaksanaan Jumlah

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Kumpulan - 2004Kumpulan - 2004Kumpulan - 2004Kumpulan - 2004Kumpulan - 2004

Kos atau Penilaian Semula

Pada 1 Januari 1,512,730 645,194 964,309 1,125,104 1,162,807 149,899 5,560,043Tambahan 255,202 4,677 42,993 109,271 105,599 94,532 612,274Pelupusan (28,721) (3,383) - (7,563) (29,160) - (68,827)Hapuskira - (2,277) (2,461) (1,943) (14,408) - (21,089)Pindahan - - 1,285 33,414 17,745 (52,708) (264)Pelupusan Syarikat-Syarikat Anak (10,825) (71,010) (1,747) (7,776) (62,495) - (153,853)Pengambilalihan Syarikat-Syarikat Anak 18,846 68,228 47,694 5,919 53,581 45 194,313Perbezaan Tukaran - (1,292) (5,634) 5,889 11,703 1,346 12,012Defisit penilaian semula - (6,756) - (12,699) - - (19,455)Syarikat Anak Yang Dibatalkan Pendaftaran - - - - (554) - (554)

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHPada 31 Disember 1,747,232 633,381 1,046,439 1,249,616 1,244,818 193,114 6,114,600

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH

Susutnilai Terkumpul

Pada 1 Januari - 61,023 125,780 251,996 717,197 - 1,155,996Caj Tahun Semasa - 6,626 19,914 33,320 97,503 - 157,363Pelupusan - (221) - (2,260) (24,750) - (27,231)Hapuskira - (291) - (1,121) (13,760) - (15,172)Dipindahkan - - - (104) (22) - (126)Pelupusan Syarikat-Syarikat Anak - (5,036) - (2,221) (44,632) - (51,889)Pengambilalihan Syarikat-Syarikat Anak - 1,632 4,393 1,969 37,454 - 45,448Perbezaan Tukaran - (173) (13) 1,978 8,438 - 10,230Syarikat Anak Yang Dibatalkan Pendaftaran - - - - (547) - (547)


Pada 31 Disember - 63,560 150,074 283,557 776,881 - 1,274,072HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH



laporan kewangan

1010101010 HARTA, LOJI DAN KELENGKAPAN HARTA, LOJI DAN KELENGKAPAN HARTA, LOJI DAN KELENGKAPAN HARTA, LOJI DAN KELENGKAPAN HARTA, LOJI DAN KELENGKAPAN (sambungan)

BUKAN SEMASA (sambungan)




Kerugian Rosotnilai Terkumpul

Pada 1 Januari - 1,299 36,452 7,502 855 334 46,442Tambahan - 1,045 27,128 1,232 14 333 29,752Pelupusan Syarikat Anak - (633) - (433) - - (1,066)


Pada 31 Disember - 1,711 63,580 8,301 869 667 75,128HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH

Nilai Buku Bersih Pada 31 Disember 1,747,232 568,110 832,785 957,757 467,068 192,448 4,765,400

NNNNN NNNNN NNNNN NNNNN NNNNN NNNNN NNNNN



laporan kewangan

1010101010 HARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPANHARTA, LOJI DAN KELENGKAPAN (sambungan)





Kos atau Penilaian Semula

Pada 1 Januari 1,486,354 607,163 917,629 1,064,050 1,046,022 105,093 5,226,311Tambahan 30,707 26,900 7,617 13,475 52,543 149,271 280,513Pelupusan (634) (413) - (7,701) (20,606) - (29,354)Hapuskira (3,697) (334) (1) (1,389) (12,766) (14) (18,201)Pindahan - - 16,839 31,209 72,341 (120,389) -Pelupusan Syarikat-Syarikat Anak - (734) - (359) (2,119) - (3,212)Pengambilalihan Syarikat-Syarikat Anak - 9,616 - 1,438 6,633 - 17,687Pelarasan - - - (227) (3,899) 660 (3,466)Perbezaan Tukaran - 2,996 22,225 24,608 24,658 15,278 89,765

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHPada 31 Disember 1,512,730 645,194 964,309 1,125,104 1,162,807 149,899 5,560,043



Pada 1 Januari - 52,508 98,966 218,414 627,968 - 997,856Caj Tahun Semasa - 8,952 16,765 31,386 95,566 - 152,669Pelupusan - (40) - (4,264) (14,644) - (18,948)Hapuskira - - (1) (994) (9,514) - (10,509)Pelupusan Syarikat-Syarikat Anak - (773) - (337) (1,180) - (2,290)Pengambilalihan Syarikat-Syarikat Anak - - - 381 2,989 - 3,370Pelarasan - - 1,715 (71) (3,354) - (1,710)Perbezaan Tukaran - 376 8,335 7,480 19,366 - 35,557


Pada 31 Disember - 61,023 125,780 251,995 717,197 - 1,155,995HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH



laporan kewangan






Kerugian Rosotnilai Terkumpul

Pada 1 Januari - 1,299 16,410 7,579 1,536 - 26,824Tambahan - - 20,042 (78) (681) 334 19,617


Pada 31 Disember - 1,299 36,452 7,501 855 334 46,441HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH

Nilai Buku Bersih Pada 31 Disember 1,512,730 582,872 802,077 865,608 444,755 149,565 4,357,607




laporan kewangan



Lengkapan & KerjaLekapan, Modal

Tanah Tanah Loji & Mesin DalamMilik Bebas Pajakan Bangunan Dan Kenderaan Perlaksanaan Jumlah

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Johor Corporation - 2004Johor Corporation - 2004Johor Corporation - 2004Johor Corporation - 2004Johor Corporation - 2004

Kos Atau Penilaian Semula

Pada 1 Januari 233,150 260,002 220,077 72,249 3,674 789,152Tambahan 182 3,472 24,006 4,452 1,317 33,429Pindahan - - (175) - - (175)Pelupusan (28,360) (246) (6,571) (624) - (35,801)Reklassifikasi - - 4,521 470 (4,991) -Hapuskira - - - (1,283) - (1,283)

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH

Pada 31 Disember 204,972 263,228 241,858 75,264 - 785,322HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH


Pada 1 Januari - 7,934 62,599 55,723 - 126,256Pindahan - 1,003 9,659 4,431 - 15,093Caj Tahun Semasa - - (93) - - (93)Pelupusan - (14) (1,761) (548) - (2,323)Reklassifikasi - - (2) 2 - -Hapuskira - - - (1,157) - (1,157)


Pada 31 Disember - 8,923 70,402 58,451 - 137,776HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH

Nilai Buku Bersih Pada 31 Disember 204,972 254,305 171,456 16,813 - 647,546

NNNNN NNNNN NNNNN NNNNN NNNNN NNNNN

Johor Corporation - 2003Johor Corporation - 2003Johor Corporation - 2003Johor Corporation - 2003Johor Corporation - 2003


Pada 1 Januari 233,724 243,436 191,005 71,846 - 740,011Tambahan - 16,945 34,520 2,350 3,674 57,489Pelupusan (574) (344) (5,258) (836) - (7,012)Hapuskira - (35) (190) (1,111) - (1,336)


Pada 31 Disember 233,150 260,002 220,077 72,249 3,674 789,152HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH


Pada 1 Januari - 7,219 58,025 53,338 - 118,582Caj Tahun Semasa - 747 8,392 4,047 - 13,186Pelupusan - (32) (3,642) (680) - (4,354)Hapuskira - - (176) (982) - (1,158)


Pada 31 Disember - 7,934 62,599 55,723 - 126,256HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH

Nilai Buku Bersih Pada 31 Disember 233,150 252,068 157,478 16,526 3,674 662,896




laporan kewangan


SEMASA Lengkapan &Lekapan,

Loji & MesinBangunan Dan Kenderaan Jumlah

RM’000 RM’000 RM’000Kumpulan - 2004Kumpulan - 2004Kumpulan - 2004Kumpulan - 2004Kumpulan - 2004


Pada 1 Januari 246 1,745 1,991Hapuskira - - -

HHHHHHH HHHHHHH HHHHHHHPada 31 Disember 246 1,745 1,991

HHHHHHH HHHHHHH HHHHHHH

Ditolak : Susutnilai Terkumpul

Pada 1 Januari 90 1,028 1,118Caj Bagi Tahun Semasa 15 115 130Hapuskira - - -



Ditolak : Kerugian Rosotnilai Terkumpul

Pada 1 Januari 22 174 196Tambahan 17 163 180

HHHHHHH HHHHHHH HHHHHHHPada 31 Disember 39 337 376

HHHHHHH HHHHHHH HHHHHHHNilai Buku Bersih Pada 31 Disember 102 265 367

NNNNNNN NNNNNNN NNNNNNN



laporan kewangan


SEMASA (sambungan)

Lengkapan &Lekapan,

Loji & MesinBangunan Dan Kenderaan Jumlah

RM’000 RM’000 RM’000Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003


Pada 1 Januari 246 1747 1,993Hapuskira - (2) (2)



Ditolak : Susutnilai Terkumpul

Pada 1 Januari 76 913 989Caj Pada Tahun Semasa 14 117 131Hapuskira - (2) (2)



Ditolak : Kerugian Rosotnilai Terkumpul

Pada 1 Januari 22 174 196Tambahan - - -

HHHHHHH HHHHHHH HHHHHHHPada 31 Disember 22 174 196

HHHHHHH HHHHHHH HHHHHHHNilai Buku Bersih Pada 31 Disember 134 543 677




laporan kewangan


Caj susutnilai dianalisa selanjutnya seperti berikut : Kumpulan

2004 2003RM’000 RM’000

Dicaj Kepada Penyata Pendapatan 157,395 152,315Dimodalkan Ke Ladang Belum Matang 98 485

HHHHHHH HHHHHHH157,493 152,800

NNNNNNN NNNNNNNNilai buku bersih Harta, Loji dan Kelengkapan Kumpulan yang dibeli melalui pajakan kewangan berjumlahRM47,652,000 (2003 : RM28,665,000).

Termasuk di dalam tambahan bagi kumpulan adalah kos pinjaman berjumlah RM2,816,000 (2003 :RM745,000) yang dipermodalkan pada tahun semasa (Rujuk Nota 8).

Pada tahun semasa, Kumpulan membeli Harta, Loji dan Kelengkapan dengan kos keseluruhan sebanyakRM612,274,000 (2003 : RM280,513,000), di mana sejumlah RM23,986,000 (2003 : RM13,410,000)dibeli melalui pajakan sewa kewangan, RM46,300 (2003 : RM Tiada) adalah ditukar beli, RM95,600,000(2003 : RM Tiada) dibeli dengan pinjaman berjangka dan RM213,437,000 (2003 : RM Tiada) adalahdaripada Geran Kerajaan dan pampasan bukan monetari. Pembayaran tunai sebanyak RM279,205,000(2003 : RM267,103,000) telah dibuat untuk pembelian aset-aset tersebut.

Pada 31 Disember 2004, Harta, Loji dan Kelengkapan Kumpulan dan Johor Corporation dengan nilaibuku bersih RM1,786,655,000 (2003 : RM1,585,233,000) dan RM330,852,000 (2003 :RM330,618,000), masing-masing adalah disandarkan sebagai jaminan bagi pinjaman-pinjaman.

Harta, Loji dan Kelengkapan Johor Corporation dengan nilai buku bersih RM214,947,000 (2003 :RM213,198,000) adalah didaftarkan atas nama Syarikat-Syarikat Anak dan sedang di dalam prosespertukaran nama kepada Johor Corporation.

Harta, Loji dan Kelengkapan Syarikat-Syarikat Anak tertentu dengan nilai buku bersih RM16,263,000(2003 : RM19,748,000) adalah didaftarkan di atas nama Johor Corporation dan sedang di dalam prosesuntuk dpindahkan di atas Syarikat-Syarikat Anak tersebut.

Harta, Loji dan Kelengkapan bagi Syarikat-Syarikat Anak tertentu dengan nilai buku bersih RM2,046,000(2003 : RM1,228,000) adalah didaftarkan atas nama pihak-pihak ketiga dan sedang di dalam prosesuntuk dipindahkan di atas nama Syarikat-Syarikat Anak tersebut.

Tanah-tanah tertentu, perbelanjaan pembangunan ladang dan bangunan-bangunan telah dinilai semulaberdasarkan penilaian yang telah dibuat oleh jurunilai-jurunilai bebas di antara tahun 1981 dan 1997menggunakan asas pasaran terbuka, kecuali bagi tanah pajakan sebuah Syarikat Anak yang dinilaiberdasarkan nilaian para Pengarah pada tahun 1982 yang telah dipersetujui oleh para pemegang sahammengikut perjanjian usahasama, tanah milik bebas sebuah Syarikat Anak dinilai oleh para Pengarah padatahun 1980 berasaskan dasar penggunaan semasa dan bangunan-bangunan milik sebuah Syarikat Anakpula dinilai oleh jurunilai bebas pada 1995 berasaskan penggunaan semasa. Pada tahun 2000, tanahdan bangunan bagi Syarikat-Syarikat Anak tertentu dinilai semula oleh jurunilai profesional bebas untukmenggambarkan nilai pasaran bagi kegunaan semasa. Nilai buku tanah dan bangunan tersebut telahdiselaraskan untuk menggambarkan penilaian semula tersebut dan lebihan yang diperolehi telah dikreditkankepada rizab modal.



laporan kewangan


Jika jumlah kesemua tanah, perbelanjaan pembangunan ladang, konsesi pembalakan dan bangunanditentukan berdasarkan kepada konvensyen kos sejarah, ianya akan dinyatakan seperti berikut :-


RM’000 RM’000 RM’000 RM’000Kos

Tanah Milik Bebas 372,687 334,369 204,569 207,553Tanah Pajakan 426,359 366,032 229,423 226,197Perbelanjaan Pembangunan Ladang 645,499 387,596 - -Konsesi Pembalakan 2,700 2,700 - -Bangunan 676,803 653,431 241,857 220,077

HHHHHHHH HHHHHHH HHHHHHH HHHHHHH2,124,048 1,744,128 675,849 653,827

Ditolak : Susutnilai Terkumpul (194,092) (161,296) (79,325) (70,534)HHHHHHHH HHHHHHH HHHHHHH HHHHHHH1,929,9561,929,9561,929,9561,929,9561,929,956 1,582,8321,582,8321,582,8321,582,8321,582,832 596,524596,524596,524596,524596,524 583,293583,293583,293583,293583,293NNNNNNNN NNNNNNN NNNNNNN NNNNNNN

Tanah, Perbelanjaan Pembangunan Ladang, Dan Bangunan :

Kos

Tanah Milik Bebas 395,739 187,364 204,569 207,553Tanah Pajakan 264,312 343,276 229,423 226,197Perbelanjaan Pembangunan Ladang 839,973 757,712 - -Bangunan 906,907 973,816 241,858 220,077

Penilaian

Tanah Milik Bebas 1,351,493 1,325,364 403 25,597Tanah Pajakan 369,069 301,922 33,805 33,805Perbelanjaan Pembangunan Ladang 206,466 206,596 - -Bangunan 342,709 151,287 - -

HHHHHHHH HHHHHHH HHHHHHH HHHHHHH4,676,6684,676,6684,676,6684,676,6684,676,668 4,4,4,4,4,247247247247247,,,,,337337337337337 710,058710,058710,058710,058710,058 713,229713,229713,229713,229713,229NNNNNNNN NNNNNNNN NNNNNNN NNNNNNN



laporan kewangan

11 AKTIVITI-AKTIVITI PEMBANGUNAN HARTANAH11 AKTIVITI-AKTIVITI PEMBANGUNAN HARTANAH11 AKTIVITI-AKTIVITI PEMBANGUNAN HARTANAH11 AKTIVITI-AKTIVITI PEMBANGUNAN HARTANAH11 AKTIVITI-AKTIVITI PEMBANGUNAN HARTANAH

(a) Tanah dalam pegangan untuk pembangunan hartanah(a) Tanah dalam pegangan untuk pembangunan hartanah(a) Tanah dalam pegangan untuk pembangunan hartanah(a) Tanah dalam pegangan untuk pembangunan hartanah(a) Tanah dalam pegangan untuk pembangunan hartanah Group Corporation2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000Pada Kos: Tanah pegangan bebas 297,010 298,283 162,776 162,775 Tanah pajakan 102,354 104,906 - - Perbelanjaan pembangunan 430,234 406,439 333,269 322,632


Ditolak : Kos terkumpul dicaj kepada penyata pendapatan (76,202) (42,154) (9,668) -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHPada awal tahun 753,396 767,474 486,377 485,407


Kos dalam tahun semasa: Tanah pegangan bebas 38,683 - - - Perbelanjaan pembangunan 124,392 48,714 113,990 14,590



Kos dicaj kepada penyata pendapatan (161,517) (34,048) (144,388) (9,668)Pelupusan dalam tahun semasa: Tanah pegangan bebas (20,059) - - - Perbelanjaan pembangunan (7,312) (24,919) (195) (3,952)

HHHHHHH HHHHHHH HHHHHHH HHHHHHH(188,888) (58,967) (144,583) (13,620)

HHHHHHH HHHHHHH HHHHHHH HHHHHHHDipindahkan kepada kos pembangunan hartanah: Tanah pegangan bebas - (1,273) - - Tanah pajakan (Nota 11(b)) (4,135) (2,552) - -


NNNNNNN NNNNNNN NNNNNNN NNNNNNNPada Kos: Tanah pegangan bebas 315,634 297,010 162,776 162,776 Tanah pajakan 98,136 102,354 - - Perbelanjaan pembangunan 487,946 430,234 447,065 333,269


Ditolak :Kos terkumpul dicaj kepada penyata pendapatan (178,268) (76,202) (154,057) (9,668)

HHHHHHH HHHHHHH HHHHHHH HHHHHHHPada akhir tahunPada akhir tahunPada akhir tahunPada akhir tahunPada akhir tahun 723,448723,448723,448723,448723,448 753,396753,396753,396753,396753,396 455,784455,784455,784455,784455,784 486,377486,377486,377486,377486,377




laporan kewangan

11 AKTIVITI-AKTIVITI PEMBANGUNAN HARTANAH (sambungan)11 AKTIVITI-AKTIVITI PEMBANGUNAN HARTANAH (sambungan)11 AKTIVITI-AKTIVITI PEMBANGUNAN HARTANAH (sambungan)11 AKTIVITI-AKTIVITI PEMBANGUNAN HARTANAH (sambungan)11 AKTIVITI-AKTIVITI PEMBANGUNAN HARTANAH (sambungan)

(b) Kos Pembangunan Hartanah(b) Kos Pembangunan Hartanah(b) Kos Pembangunan Hartanah(b) Kos Pembangunan Hartanah(b) Kos Pembangunan Hartanah Group Corporation2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Pada Kos: Tanah pegangan bebas 1,176 943 - - Tanah pajakan 11,417 11,710 - - Perbelanjaan pembangunan 263,359 224,351 161,764 160,468


Ditolak: Kos terkumpul dicaj kepada penyata pendapatan (58,259) (20,060) (707) -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHPada awal tahun 217,693 216,944 161,057 160,468

HHHHHHH HHHHHHH HHHHHHH HHHHHHHKos pada tahun semasa: Tanah pajakan 498 - - - Perbelanjaan pembangunan 60,421 44,995 255 1,296

HHHHHHH HHHHHHH HHHHHHH HHHHHHH60,919 44,995 255 1,296

HHHHHHH HHHHHHH HHHHHHH HHHHHHHKos yang dicaj kepada penyata pendapatan: (38,173) (38,199) (44) (707)Pindahan daripada / (kepada): Aset bukan semasa (22,316) - (22,316) - Tanah dalam pegangan untuk pembangunan 4,135 2,552 - - hartanah (Nota 11(a)) Inventori (9,618) (8,599) - -


NNNNNNN NNNNNNN NNNNNNN NNNNNNNPada Kos: Tanah pegangan bebas 1,176 943 - - Tanah pajakan 11,915 11,710 - - Perbelanjaan pembangunan 323,780 269,346 162,019 161,764


Ditolak:Kos terkumpul dicaj kepada penyata pendapatan (96,432) (58,259) (751) (707)Pindahan daripada / (kepada): Aset bukan semasa (22,316) - (22,316) - Tanah dalam pegangan untuk pembangunan 4,135 2,552 - - hartanah Inventori (9,618) (8,599) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHPada akhir tahunPada akhir tahunPada akhir tahunPada akhir tahunPada akhir tahun 212,640212,640212,640212,640212,640 217,693217,693217,693217,693217,693 138,952138,952138,952138,952138,952 161,057161,057161,057161,057161,057




laporan kewangan

11 AKTIVITI PEMBANGUNAN HARTANAH 11 AKTIVITI PEMBANGUNAN HARTANAH 11 AKTIVITI PEMBANGUNAN HARTANAH 11 AKTIVITI PEMBANGUNAN HARTANAH 11 AKTIVITI PEMBANGUNAN HARTANAH (sambungan)

Termasuk didalam perbelanjaan pembangunan di dalam tahun semasa adalah perkara-perkara berikut;


RM’000 RM’000 RM’000 RM’000

Kos Subkontraktor 53,264 64,494 11,731 10,840Perbelanjaan Faedah 4,548 4,129 671 990Penyewaan Bangunan 334 - - -Cukai Harta 96 113 - -Cukai Tanah 230 251 7 38Pengiklanan 435 503 - 2Utiliti 274 141 11 -(Kerugian)/Keuntungan atas pertukaran (357) 214 - - matawang asingKos tanah 4,634 2,482 - -Pampasan memindahkan setinggan 882 63 882 63Kos Anggota Pekerja: Upah, gaji and bonus 1,006 890 - - Pelan persaraan caruman ditetapkan 90 82 - - Lain-lain 2 27 - -

1,098 999 - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH

Termasuk di dalam perbelanjaan pembangunan Kumpulan adalah faedah yang dimodalkan sebanyakRM3,877,000 (2003 : RM3,138,000) pada tahun semasa (Rujuk Nota 8).

Tanah-tanah pembangunan Johor Corporation pada nilai bawa RM51,412,000 (2003: RM60,971,000)telah dicagarkan kepada sebuah bank berlesen bagi kemudahan Sijil-Sijil Yang Boleh Di Tebus Terjamin(SBTT) berjumlah RM230,343,000 (2003 : RM230,343,000) (Rujuk Nota 22).

Pada 31 Disember 2004, tanah dengan nilai buku bersih RM221,612,000 (2003 : RM280,141,000)tidak didaftarkan atas nama Syarikat-Syarikat Anak tertentu dan sedang di dalam proses untuk dipindahkanke atas nama Syarikat-Syarikat Anak tersebut. Tanah dengan nilai buku bersih berjumlah RM7,992,000(2003 : RM7,992,000) tidak didaftarkan di atas nama sebuah Syarikat Anak tetapi dipegang secara“escrow” oleh Pihak Berkuasa Negeri Johor bagi kepentingan benifisiari Syarikat Anak tersebut sehinggakeseluruhan tanah telah dijual di dalam lot-lot yang diagihkan kepada pembeli-pembeli.

Tanah pegangan bebas Kumpulan dengan nilai bawa sebanyak RM Tiada (2003 : RM10,115,000) telahdicagarkan kepada sebuah bank berlesen bagi kemudahan pinjaman berjangka sebuah Syarikat Anak.

Termasuk di dalam perbelanjaan pembangunan Kumpulan adalah pelaburan hartanah sebanyak RM Tiada(2003: RM59,451,000) yang merupakan kos bagi pembinaan sebuah pasar basah dan terminal basuntuk Kerajaan Negeri Johor (“KNJ”) dimana Kumpulan Johor Corporation telah diberikan hak untukmengurus dan menjalankan operasi bangunan tersebut untuk tempoh pajakan selama 15 tahun yangberakhir pada tahun 2011. Harta-harta tersebut telah disusutnilai bagi tempoh pajakan berkenaan. Tempohpajakan boleh dilanjutkan tertakluk kepada persetujuan KNJ. Di akhir tempoh pajakan, bangunan tersebutakan dikembalikan kepada Kerajaan Negeri untuk tukaran dengan sebidang tanah lain. Pada tahun kewangansemasa, hak tersebut telah ditamatkan sebelum tamat tempoh pajakan tersebut.Bayaran pampasan ataspenamatan hak ialah sebidang tanah pegangan bebas yang dikurniakan oleh KNJ dengan bayaran pre-mium sebanyak RM1 setelah memenuhi syarat awalan tertentu.

Selepas akhir tahun, KNJ telah memberikan penangguhan syarat awalan dan perundangan dan kepentinganbenefisiari ke atas tanah pegangan bebas tersebut telah dipindahkan dan diberikan kepada sebuah syarikatanak milik penuh Johor Corporation bagi mengimbangkan kos pembangunan pasar basah dan terminalbas tersebut.



laporan kewangan

1212121212 SYARIKAT-SYARIKAT ANAKSYARIKAT-SYARIKAT ANAKSYARIKAT-SYARIKAT ANAKSYARIKAT-SYARIKAT ANAKSYARIKAT-SYARIKAT ANAK Johor Corporation

2004 2003RM’000 RM’000

Pada Kos

Saham Tersiar Harga Di Malaysia 538,542 437,621Saham Tidak Tersiar Harga Di Malaysia 1,825,539 1,841,891Stok Pinjaman Boleh Tukar Tidak Terjamin (“SPBTTT”) 331,295 1,141

HHHHHHHH HHHHHHHH2,695,376 2,280,653

Ditolak : Peruntukan Rosotnilai (882,698) (956,042)HHHHHHHH HHHHHHHH1,812,6781,812,6781,812,6781,812,6781,812,678 1,324,6111,324,6111,324,6111,324,6111,324,611NNNNNNNN NNNNNNNN

Nilai Pasaran Saham-Saham Tersiar Harga 737,750 575,250NNNNNNNN NNNNNNNN

Saham-saham tersiar harga Johor Corporation dengan nilai buku bersih RM4,293,000 (2003 :RM3,452,000) adalah didaftarkan atas nama Syarikat-Syarikat Anak.

Laporan Audit Syarikat-Syarikat AnakLaporan Audit Syarikat-Syarikat AnakLaporan Audit Syarikat-Syarikat AnakLaporan Audit Syarikat-Syarikat AnakLaporan Audit Syarikat-Syarikat Anak

Laporan audit bagi Syarikat-Syarikat Anak berikut adalah bersyarat atas kesesuaian ketepatan penyediaanPenyata Kewangan atas dasar berterusan :-

i. Tiram Air Sdn Bhdii. Orion Tours Private Limitediii. Asia Pacific Seafoods Pte Ltd

Syarikat-Syarikat Anak tersebut mempunyai tanggungan semasa bersih sebanyak lebih kurangRM12,340,000 dan defisit modal terkumpul sebanyak lebih kurang RM26,483,000.

Laporan audit bagi sebuah Syarikat Anak lain, Johor Franchise Development Sdn Bhd (“JFD”) menyatakanbahawa Penyata Kewangan sebuah syarikat anaknya, PT Pharmacare Medicine Shoppe yang tidak disatukan,tidak dilampirkan kepada Penyata Kewangan JFD oleh sebab ketiadaan penyata kewangan tersebut. Inimerupakan ketidakpatuhan terhadap perenggan 5(4)(C)(ii) didalam Jadual ke Sembilan Akta Syarikat,1965.



laporan kewangan

1212121212 SYARIKAT-SYARIKAT ANAK SYARIKAT-SYARIKAT ANAK SYARIKAT-SYARIKAT ANAK SYARIKAT-SYARIKAT ANAK SYARIKAT-SYARIKAT ANAK (sambungan)

Laporan-Laporan Audit Syarikat-Syarikat AnakLaporan-Laporan Audit Syarikat-Syarikat AnakLaporan-Laporan Audit Syarikat-Syarikat AnakLaporan-Laporan Audit Syarikat-Syarikat AnakLaporan-Laporan Audit Syarikat-Syarikat Anak (sambungan)

Perhatian telah diberikan kepada perkara-perkara khusus yang diberi penekanan di dalam laporan auditSyarikat-Syarikat Anak berikut :-

i. Damansara Town Centre Sdn Bhdii. Sindora Ventures Sdn Bhdiii. Sindora Nusantara Sdn Bhdiv. Sindora Holding (Johor) Sdn Bhdv. SPMB Holdings Sdn Bhdvi. Johor Tea Sdn Bhdvii. Yakin Tea Sdn Bhdviii. Malaysia Pharmacy (Retail) Sdn Bhdix. Quality Heights Sdn Bhdx. Pharmacare Medicine Shoppe Sdn Bhdxi. Pro-Office Shoppe Sdn Bhdxii. Warren Plantation (Mt. Hagen) Limitedxiii. Johor Capital Holdings Sdn Bhdxiv. Johor Paper and Publishing Sdn Bhdxv. Amiza Publishing Sdn Bhdxvi. Johor Heavy Industries Sdn Bhdxvii. Larkin Sentral Sdn Bhdxviii. Johor City Development Sdn Bhdxix. Johor Skills Development Centre Sdn Bhdxx. Vibrant Hectares Sdn Bhdxxi. TT Nusa Sdn Bhd

Tanpa mensyaratkan pendapat mereka, laporan audit ke atas Penyata Kewangan Syarikat-Syarikat Anak(i) sehingga (xxi) yang dinyatakan di atas memberikan perhatian terhadap kesesuaian penyediaan PenyataKewangan mengikut konsep berterusan pada 31 Disember 2004. Syarikat-Syarikat Anak tersebut mempunyaitanggungan semasa bersih terkumpul kira-kira RM911,636,000 dan defisit modal terkumpul berjumlahkira-kira RM72,281,000. .



laporan kewangan


Pelupusan Syarikat-Syarikat AnakPelupusan Syarikat-Syarikat AnakPelupusan Syarikat-Syarikat AnakPelupusan Syarikat-Syarikat AnakPelupusan Syarikat-Syarikat Anak

i. Tebing Aur Sdn Bhdii. Selangor Foods Industries Sdn Bhdiii. Buat Niaga Sdn Bhdiv. PJB Pacific Securities (HK) Limitedv. PJB Advisory Services Sdn Bhd

Kesan daripada pelupusan-pelupusan ini kepada keputusan Kumpulan bagi tahun semasa sehingga tarikhpelupusan adalah seperti berikut :-

Pada Tarikh Pelupusan 2003RM’000 RM’000

Pendapatan 3,445 256Kos Operasi (3,885) (193)(Kerugian)/Keuntungan Daripada Pelupusan Syarikat Anak (570) 292

HHHHHHH HHHHHHH(Kerugian)/Keuntungan Daripada Operasi (1,010) 355Lain-Lain Pendapatan 8 20Lain-Lain Perbelanjaan Operasi - (55)Kos Kewangan (888) -Percukaian (88) -Kepentingan Minoriti - -

HHHHHHH HHHHHHH(Kerugian)/Keuntungan Bersih Tahun Semasa (1,978) 320

NNNNNNN NNNNNNN



laporan kewangan


Pelupusan Syarikat-Syarikat AnakPelupusan Syarikat-Syarikat AnakPelupusan Syarikat-Syarikat AnakPelupusan Syarikat-Syarikat AnakPelupusan Syarikat-Syarikat Anak (sambungan)

Kesan daripada pelupusan-pelupusan tersebut ke atas aliran tunai Kumpulan adalah seperti berikut :-

PadaTarikh

PelupusanRM’000

Harta, Loji dan Kelengkapan 3,257Penghutang Perdagangan Dan Lain-Lain Penghutang 23,872Deposit, Baki Bank Dan Tunai 252Pemiutang Perdagangan Dan Lain-Lain Pemiutang (32,131)Pinjaman (4,118)Peruntukan (3,087)Percukaian (22)

HHHHHHH(11,977)

Keuntungan Daripada Pelupusan 13,477HHHHHHH

Jumlah Perolehan Daripada Pelupusan 1,500HHHHHHH

Ditolak : Tunai Dan Persamaan Tunai Bagi Syarikat-Syarikat Anak Yang Dilupus (252)

HHHHHHHAliran Masuk Tunai Daripada Pelupusan 1,248

NNNNNNN

1313131313 SYARIKAT-SYARIKAT BERSEKUTUSYARIKAT-SYARIKAT BERSEKUTUSYARIKAT-SYARIKAT BERSEKUTUSYARIKAT-SYARIKAT BERSEKUTUSYARIKAT-SYARIKAT BERSEKUTU


RM’000 RM’000 RM’000 RM’000Pada Kos

Saham Tersiar Harga Di Malaysia 329,265 334,585 363,271 330,086Saham Tidak Tersiar Harga Di Malaysia 56,867 58,075 32,395 32,257Ditolak: Peruntukan Rosotnilai Atas Pelaburan (2,813) (776) (309,097) (307,092)Bahagian Keuntungan Tersimpan Dan Rizab Selepas Pengambilalihan Ditolak Kerugian (282,405) (298,478) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH100100100100100,,,,,914914914914914 93,40693,40693,40693,40693,406 86,56986,56986,56986,56986,569 55,25155,25155,25155,25155,251NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Bahagian Aset Bersih Selain Dari Premium Atas Pengambilalihan 86,385 93,406 - -Premium Atas Pengambilalihan 183,018 168,489 - -Ditolak : Hapuskira Premium Atas Pengambilalihan (168,489) (168,489) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH100100100100100,,,,,914914914914914 93,40693,40693,40693,40693,406 ----- -----NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Nilai Pasaran Saham Tersiar Harga 23,351 22,993 54,174 22,993NNNNNNN NNNNNNN NNNNNNN NNNNNNN



laporan kewangan

1313131313 SYARIKAT-SYARIKAT BERSEKUTU SYARIKAT-SYARIKAT BERSEKUTU SYARIKAT-SYARIKAT BERSEKUTU SYARIKAT-SYARIKAT BERSEKUTU SYARIKAT-SYARIKAT BERSEKUTU (sambungan)

Pelaburan-pelaburan di dalam Syarikat-Syarikat Bersekutu termasuk premium di atas pengambilalihanpelaburan di dalam Damansara Realty Berhad berjumlah RM168,489,000 (2003 : RM168,489,000)yang telah dihapuskira di dalam Penyata Pendapatan.

Saham-saham tersiar harga Johor Corporation dengan nilai buku bersih RM929,000 (2003 : RM929,000)adalah didaftarkan di atas nama sebuah Syarikat Anak.

1414141414 PELABURAN JANGKA PANJANGPELABURAN JANGKA PANJANGPELABURAN JANGKA PANJANGPELABURAN JANGKA PANJANGPELABURAN JANGKA PANJANG



Saham Tersiar Harga Di Malaysia 250,022 282,399 126,092 213,193Saham Tersiar Harga Luar Negara 144,516 142,425 114,085 114,085Saham Tidak Tersiar Harga Di Malaysia 239,712 264,555 - -Saham Tidak Tersiar Harga Luar Negara 7,566 6,149 - -Pelaburan Hartanah 580,796 580,796 - -Lain-Lain Pelaburan 47,574 21,292 46,077 15,716Ditolak : Peruntukan Rosotnilai (308,466) (357,624) (154,081) (223,351)


NNNNNNN NNNNNNN NNNNNNN NNNNNNNNilai Pasaran Saham Tersiar Harga 184,993 158,126 115,629 103,120


Saham-saham tersiar harga Johor Corporation dengan nilai buku bersih RM346,000 (2003 : RM35)adalah didaftarkan atas nama sebuah Syarikat Anak.

Saham-saham tersiar harga Kumpulan dengan nilai buku bersih RM 425,000 (2003 : RM1,071,000)telah dicagarkan kepada sebuah bank berlesen sebagai jaminan bagi pinjaman-pinjaman bank yang diberikankepada Johor Corporation.

Adalah tidak praktikal dari segi masa dan kos untuk menganggarkan nilai saksama bagi lain-lain pelaburanyang tidak tersiar harga. Nilai-nilai pasaran pada tarikh lembaran imbangan bagi pelaburan-pelaburantersiar harga adalah hampir kepada nilai saksama mereka.



laporan kewangan

1515151515 ASET TIDAK ZAHIRASET TIDAK ZAHIRASET TIDAK ZAHIRASET TIDAK ZAHIRASET TIDAK ZAHIR Kumpulan2004 2003

RM’000 RM’000

Muhibbah Atas Penyatuan 161,478 154,042Ditolak : Pelunasan Terkumpul (82,485) (78,287) Peruntukan Kerugian Rosotnilai (12,217) (12,217)

HHHHHHH HHHHHHH

66,776 63,538HHHHHHH HHHHHHH

Hak Francais Induk 125 125Ditolak : Pelunasan Terkumpul - -

HHHHHHH HHHHHHH

125 125HHHHHHH HHHHHHH

Kos Latihan Kejururawatan 38,504 31,298Ditolak: Pelunasan Terkumpul (15,491) (11,943)

HHHHHHH HHHHHHH


Lain-lain Aset Tidak Zahir 2,951 932HHHHHHH HHHHHHH

92,86592,86592,86592,86592,865 83,95083,95083,95083,95083,950NNNNNNN NNNNNNN

Aset tidak zahir Kumpulan adalah dinyatakan setelah mengambilkira pelunasan berjumlah RM15,306,000(2003 : RM21,429,000) dan hapuskira berjumlah RM2,723,000 (2003 : RM3,471,000) di dalam tahunsemasa.

1616161616 HASIL BELUM TERIMA TERTUNDA – KUMPULAN DAN JOHOR CORPORATIONHASIL BELUM TERIMA TERTUNDA – KUMPULAN DAN JOHOR CORPORATIONHASIL BELUM TERIMA TERTUNDA – KUMPULAN DAN JOHOR CORPORATIONHASIL BELUM TERIMA TERTUNDA – KUMPULAN DAN JOHOR CORPORATIONHASIL BELUM TERIMA TERTUNDA – KUMPULAN DAN JOHOR CORPORATION

Johor Corporation telah menandatangani Perjanjian Jual Beli dengan pihak ketiga bagi penjualan tanahpajakan perindustrian pada 23 April 1998. Keseluruhan harga jualan yang perlu dibayar adalahRM999,702,000 dan kaedah pembayarannya adalah seperti berikut :

i) ansuran pertama berjumlah RM11,108,000 telah dibayar pada 1 Jun 1998;

ii) ansuran kedua dan ketiga berjumlah RM22,216,000 telah dibayar pada 31 Januari 1999; dan

iii) 87 ansuran tahunan seterusnya berjumlah RM11,108,000 dibayar pada atau sebelum hari pertamabulan Januari setiap tahun bermula daripada 7 Januari 2001 dan berakhir pada 7 Januari 2087.

Jualan diiktiraf dengan mendiskaunkan aliran tunai yang akan diterima dan berdasarkan atas tahap penyiapankerja-kerja pembangunan. Tiada jualan bagi tahun semasa yang diiktiraf berdasarkan tahap penyiapan(2003 : RM Tiada). Pendapatan faedah yang diiktiraf bagi tahun semasa adalah sebanyak RM Tiada(2003 : RM17,920,000).

Pada 6 Januari 2004, Johor Corporation bersama dengan pihak ketiga tersebut telah menandatanganiperjanjian dengan sebuah syarikat anak, Johor Hotels International Sdn Bhd (“JHI”) untuk memindahkanpenjualan tersebut daripada pihak ketiga tersebut kepada JHI.

Pada 1 Disember 2004, Johor Corporation memeterai satu Perjanjian Jual Beli dengan sebuah syarikatanaknya, Johor City Development Sdn Bhd (“JCD”) sebagai ganti kepada JHI. Tanah industri pajakantersebut telah didaftarkan atas nama JCD.



laporan kewangan

1717171717 INVENTORIINVENTORIINVENTORIINVENTORIINVENTORI



Stor Dan Bahan-Bahan 89,426 86,532 4,304 6,888Kerja Dalam Perlaksanaan 941 2,435 - -Stok Hasil Pengeluaran 22,420 34,966 - -Barangan Siap 48,025 43,807 - -Sekuriti Pasaran 91 - - -Ditolak : Peruntukan Stok Usang (185) (278) - -


Kedai Dan Rumah 47,456 49,843 3,253 3,356Tanah Dalam Pegangan Untuk Dijual 126,040 - - -



Pada Nilai Realisasi Bersih

Barangan Siap 7,110 - - -Kedai Dan Rumah - 2,794 1,512 2,794Sekuriti Pasaran 32 101 - -Tolak : Peruntukan Rosot Nilai (104) (216) (104) (216)



NNNNNNN NNNNNNN NNNNNNN NNNNNNNNilai Pasaran Bagi Sekuriti Pasaran 130 108 - -




laporan kewangan

1818181818 PENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANGPENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANGPENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANGPENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANGPENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANG


RM’000 RM’000 RM’000 RM’000

Penghutang Perdagangan 543,489 487,058 27,402 79,159Ditolak : Peruntukan Hutang Ragu (152,225) (173,422) (1,895) (1,103)

391,264 313,636 25,507 78,056

Lain-Lain Penghutang 175,000 169,627 30,229 46,392Ditolak : Peruntukan Hutang Ragu (63,608) (62,968) (1,320) (1,363)

111,392 106,659 28,909 45,029

Terhutang Oleh Pihak Berkaitan 10,421 23,876 - -Deposit (Ditolak peruntukan sebanyak RM95,788,000 (2003 : RM95,788,000) bagi Kumpulan) 27,486 10,645 4,399 2,980Bayaran Terdahulu 12,977 12,904 269 828Lain-Lain Pinjaman - - 355 593

HHHHHHH HHHHHHH HHHHHHH HHHHHHH 553,540 467,720 59,439 127,486


Terhutang Oleh Syarikat-Syarikat Anak - - 1,621,354 1,525,251Ditolak : Peruntukan Hutang Ragu - - (1,015,302) (995,269)

- - 606,052 529,982

Pendahuluan Kepada Syarikat Bersekutu 17,635 17,838 17,137 17,838Terhutang Oleh Syarikat Bersekutu 86,571 84,579 75,621 81,337Ditolak : Peruntukan Hutang Ragu (3,492) (3,582) (3,491) (3,461)

100,714 98,835 89,267 95,714HHHHHHH HHHHHHH HHHHHHH HHHHHHH654,254654,254654,254654,254654,254 566,555566,555566,555566,555566,555 754,758754,758754,758754,758754,758 753,182 753,182 753,182 753,182 753,182


Profil matawang bagi Penghutang Perdagangan adalah seperti berikut :-

- Ringgit Malaysia 175,849 213,193 25,507 78,056- Dolar Amerika 87,012 91,693 - -- Dolar Singapura 2,636 2,307 - -- Kina Papua New Guinea 117,312 978 - -- Rupiah Indonesia 7,732 3,274 - -- Euro 711 - - -- Sterling Pound Great Britain 12 16 - -- Lain-lain - 2,175 - -

HHHHHHH HHHHHHHH HHHHHHH HHHHHHH391,264391,264391,264391,264391,264 313,636313,636313,636313,636313,636 25,50725,50725,50725,50725,507 78,056 78,056 78,056 78,056 78,056

NNNNNNN NNNNNNNN NNNNNNN NNNNNNN

Terma kredit bagi penghutang perdagangan adalah di antara 7 hingga 180 hari.



laporan kewangan

1818181818 PENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANG PENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANG PENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANG PENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANG PENGHUTANG PERDAGANGAN DAN LAIN-LAIN PENGHUTANG (sambungan)

Penumpuan risiko kredit berkaitan dengan penghutang perdagangan adalah terhad, disebabkan jumlahpelanggan-pelanggan Kumpulan yang ramai, merangkumi pelanggan antarabangsa, meliputi spektrumyang meluas bagi pengilangan dan pengedaran dan terdapatnya pelbagai pasaran di mana barangandijual. Sejarah pengalaman Kumpulan di dalam kutipan penghutang perdagangan adalah termasuk didalam peruntukan-peruntukan yang dicatatkan. Atas faktor-faktor tersebut, pihak pengurusan percayabahawa tiada risiko kredit tambahan selain daripada jumlah-jumlah peruntukan yang telah dibuat bagikerugian-kerugian kutipan pada lazimnya di dalam penghutang perdagangan Kumpulan.

Sejumlah RM1,621,353,000 (2003 : RM1,485,303,000) daripada jumlah yang terhutang oleh Syarikat-Syarikat Anak tiada mempunyai jadual pembayaran semula yang tetap, tidak dijamin dan tidak dikenakanfaedah.

Pihak-pihak berkaitan adalah pemegang-pemegang saham minoriti Syarikat-Syarikat Anak tertentu. Jumlahyang terhutang sebahagian besarnya bukan berbentuk perdagangan, tidak dijamin dan tidak dikenakanfaedah dengan tiada jadual tetap untuk pembayaran semula.

Lain-lain pinjaman adalah pinjaman kepada anggota pekerja Johor Corporation dan pembayaran semulaadalah di antara 2 dan 25 tahun (2003 : 2 dan 25 tahun) dan dikenakan faedah sebanyak 4.00 peratussetahun (2003 : 4.00 peratus setahun). Sejumlah RM1,879,000 (2003 : RM7,048,000) daripadapenghutang perdagangan dan lain-lain adalah terhutang oleh Pihak Berkuasa Tempatan Pasir Gudang.Jumlah-jumlah ini adalah dengan jaminan dan tempoh bayaran balik di antara 1 hingga 3 tahun (2003 : 1hingga 3 tahun) dan dikenakan faedah di antara 4.67 peratus hingga 8.00 peratus setahun (2003 : 4.62peratus hingga 8.00 peratus setahun).

Lain-lain terimaan dan bayaran terdahulu termasuk perkara-perkara berikut :

Kumpulan Johor Corporation

2004 2003 2004 2003RM’000 RM’000 RM’000 RM’000

i) Pinjaman yang tidak dikenakanfaedah dengan tiada jadual pembayaranyang tetap yang diberikan kepadasatu pemegang saham minoriti sebuahSyarikat Anak 650 713 - -

ii) Pinjaman kepada pihak ketiga yang dijamindengan saham-saham luar negara yang tidaktersiar harga disandarkan kepada sebuahSyarikat Anak dan dividen masa hadapan yangdiperolehi daripada saham-saham tersebutyang tidak tersiar harga luar negara tersebut 950 950 - -

NNNNN NNNNN NNNNN NNNNN



laporan kewangan

1919191919 PELABURAN JANGKA PENDEKPELABURAN JANGKA PENDEKPELABURAN JANGKA PENDEKPELABURAN JANGKA PENDEKPELABURAN JANGKA PENDEK



Matawang Asing 339 278 339 278Saham Tersiar Harga Di Malaysia 74,941 61,736 8,194 5,792Saham Tersiar Harga Luar Negara 12,948 12,948 189 189Ditolak: Peruntukan Rosotnilai (64,257) (60,481) (1,254) (2,028)


NNNNNNN NNNNNNN NNNNNNN NNNNNNNNilai Pasaran Saham Tersiar Harga 23,304 14,264 7,109 3,953


Nilai pasaran pada tarikh Lembaran Imbangan bagi pelaburan-pelaburan tersiar harga adalah hampirbersamaan nilai saksama mereka.



laporan kewangan

2020202020 DEPOSIT, BANK DAN BAKI TUNAIDEPOSIT, BANK DAN BAKI TUNAIDEPOSIT, BANK DAN BAKI TUNAIDEPOSIT, BANK DAN BAKI TUNAIDEPOSIT, BANK DAN BAKI TUNAI


RM’000 RM’000 RM’000 RM’000

Bank Dan Baki Tunai 205,435 204,635 10,154 9,481Simpanan Tetap :- Dengan Bank Berlesen 223,958 165,806 108,537 94,760- Dengan Institusi Kewangan Berlesen 19,832 2,544 - -



Profil pendedahan matawang bagi Deposit, Bank Dan Baki Tunai adalah seperti berikut :

- Ringgit Malaysia 353,481 294,291 118,691 104,241- Dolar Amerika 5,466 2,037 - -- Dolar Singapura 251 174 - -- Dolar Australia 22 7 - -- Sterling Pound Great Britain 58 84 - -- Rupiah Indonesia 22,495 6,330 - -- Euro 87 499 - -- Kina Papua New Guinea 66,976 69,549 - -- Lain-lain 389 14 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHH449,225449,225449,225449,225449,225 372,985372,985372,985372,985372,985 118,691118,691118,691118,691118,691 104,241104,241104,241104,241104,241


Simpanan tetap Kumpulan berjumlah RM14,868,000 (2003 : RM17,836,000) telah dicagarkan kepadabank-bank berlesen bagi lain-lain kemudahan jaminan bank yang diberikan kepada Syarikat-Syarikat Anak.

Kadar-kadar faedah purata wajaran bagi deposit, bank dan baki tunai yang berkuatkuasa pada tarikhlembaran imbangan adalah seperti berikut :


Deposit Dengan Bank-Bank Berlesen 2.64% 3.11% 2.68% 2.84%Deposit Dengan Institusi-Institusi Kewangan Berlesen 2.59% 2.89% - -


Deposit bagi Kumpulan dan Johor Corporation mempunyai purata kematangan masing-masing selama203 hari (2003 : 206 hari) dan 35 hari (2003 : 30 hari). Baki-baki bank adalah deposit yang mudahdicairkan dengan bank-bank.



laporan kewangan

2121212121 PEMIUTANG PERDAGANGAN DAN LAIN-LAIN PEMIUTANGPEMIUTANG PERDAGANGAN DAN LAIN-LAIN PEMIUTANGPEMIUTANG PERDAGANGAN DAN LAIN-LAIN PEMIUTANGPEMIUTANG PERDAGANGAN DAN LAIN-LAIN PEMIUTANGPEMIUTANG PERDAGANGAN DAN LAIN-LAIN PEMIUTANG


RM’000 RM’000 RM’000 RM’000

Pemiutang Perdagangan 217,270 249,804 37,874 36,832Lain-lain Pemiutang 424,512 276,830 140,279 140,903Wang Tahanan 1,663 959 1,663 659Akruan Perdagangan 126,480 124,772 39,182 37,005Terhutang Kepada Lain-lain Pemegang Saham Syarikat-Syarikat Anak 8,421 8,097 - -Terhutang Kepada Syarikat-Syarikat Anak - - 62,597 109,934Terhutang Kepada Syarikat Bersekutu 7,819 1,730 1,990 1,116


NNNNNNN NNNNNNN NNNNNNN NNNNNNNProfil pendedahan matawang bagi Pemiutang Perdagangan adalah seperti berikut :

- Ringgit Malaysia 167,679 139,790 37,874 36,832- Dolar Amerika 6,298 22,844 - -- Dolar Singapura 3,559 2,225 - -- Kina Papua New Guinea 30,779 67,896 - -- Rupiah Indonesia 8,843 5,139 - -- Lain-lain 112 11,910 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHH217,270217,270217,270217,270217,270 249,804249,804249,804249,804249,804 37,87437,87437,87437,87437,874 36,83236,83236,83236,83236,832

NNNNNNN NNNNNNN NNNNNNN NNNNNN

Terma kredit bagi pemiutang perdagangan dan pembekal-pembekal Harta, Loji dan Kelengkapan yangdiberikan kepada Kumpulan dan Johor Corporation adalah di antara 14 hingga 150 hari.

Jumlah-jumlah yang terhutang kepada Syarikat-Syarikat Anak, Syarikat-Syarikat Bersekutu dan Lain-lainPemegang Saham Syarikat-Syarikat Anak tiada mempunyai jadual tetap pembayaran semula, tidak terjamindan tidak dikenakan faedah.



laporan kewangan

2222222222 PINJAMANPINJAMANPINJAMANPINJAMANPINJAMAN


RM’000 RM’000 RM’000 RM’000

JANGKA PENDEKJANGKA PENDEKJANGKA PENDEKJANGKA PENDEKJANGKA PENDEK

Bercagar- Overdraf Bank 9,844 9,217 - -- Kredit Pusingan 25,808 33,400 - -- Kemudahan Kredit Pusingan Islam Komited/Bayaran Berjadual 400,000 400,000 400,000 400,000- Lain-lain Pinjaman Bank 89,251 98,745 - -- Pajakan Kewangan 11,738 9,780 - -- - - - - Pinjaman Berjangka 61,548 104,266 - -- Stok Pinjaman Yang Boleh Di Tebus Tukar - 53,375 - -

Tidak Bercagar- Overdraf Bank 35,956 37,729 - -- Kredit Pusingan 30,379 64,849 - -- Lain-lain Pinjaman Bank 50 7,400 - -- - - - - Pinjaman Berjangka 2,143 400 - -- Pinjaman Kerajaan Persekutuan 51,371 44,739 51,371 44,739



JANGKA PANJANGJANGKA PANJANGJANGKA PANJANGJANGKA PANJANGJANGKA PANJANG

Bercagar- Sijil Yang Boleh Di Tebus Terjamin 230,343 230,343 230,343 230,343- Pajakan Kewangan 25,383 18,199 - -- - - - - Pinjaman Berjangka 678,506 596,669 - -- Bon Islam Yang Boleh Di Tebus Terjamin 3,075,829 2,941,913 3,075,829 2,941,913

Tidak Bercagar- Lain-lain Pinjaman Bank 800 7,500 - -- Pinjaman Kerajaan Persekutuan 21,246 27,878 21,246 27,878- Kertas Komersial 120,000 - - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH4,152,1074,152,1074,152,1074,152,1074,152,107 3,822,5023,822,5023,822,5023,822,5023,822,502 3,327,4183,327,4183,327,4183,327,4183,327,418 3,200,1343,200,1343,200,1343,200,1343,200,134NNNNNNN NNNNNNN NNNNNNN NNNNNNN

JUMLAHJUMLAHJUMLAHJUMLAHJUMLAH 4,870,1954,870,1954,870,1954,870,1954,870,195 4,686,4024,686,4024,686,4024,686,4024,686,402 3,778,7893,778,7893,778,7893,778,7893,778,789 3,644,8733,644,8733,644,8733,644,8733,644,873NNNNNNN NNNNNNN NNNNNNN NNNNNNN



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2222222222 PINJAMAN PINJAMAN PINJAMAN PINJAMAN PINJAMAN (sambungan)


% % % %Purata kadar faedah berkesan berwajaran pinjaman-pinjaman pada tarikh Lembaran Imbangan:- Overdraf Bank 6.72 7.34 - -- Kredit Pusingan 4.69 4.83 - -- Pinjaman Berjangka 5.13 5.60 - -- Pinjaman Kerajaan Persekutuan 6.34 6.34 6.34 6.34- Lain-lain Pinjaman Bank 0.94 1.42 - -- Pajakan Kewangan 6.67 5.68 - -- Stok Pinjaman Yang Boleh Di Tebus Tukar - 8.03 - -- Kertas Komersial 3.32 - - -


Profil pendedahan matawang ke atas Pinjaman-Pinjaman adalah seperti berikut :

RM’000 RM’000 RM’000 RM’000

- Dolar Amerika 90,310 58,493 - -- Rupiah Indonesia 4,244 7,321 - -- Ringgit Malaysia 4,775,641 4,620,588 3,778,789 3,644,873


Pinjaman Kumpulan Pinjaman Kumpulan Pinjaman Kumpulan Pinjaman Kumpulan Pinjaman Kumpulan (tidak termasuk tanggungan pajakan kewangan) : kematangan dan pendedahankepada risiko kadar faedah

Melebihi Melebihi1 Tahun Dan 2 Tahun Dan

Tidak Melebihi Tidak Melebihi Tidak Melebihi Melebihi1 Tahun 2 Tahun 5 Tahun 5 Tahun JumlahRM’000 RM’000 RM’000 RM’000 RM’000

Pada 31 Disember 2004 :- Tetap 75 6,630 19,889 53,038 79,632- Terapung 706,275 554,854 881,046 2,611,267 4,753,442

HHHHHH HHHHHH HHHHHH HHHHHH HHHHHH706,350 561,484 900,935 2,664,305 4,833,074

NNNNNN NNNNNN NNNNNN NNNNNN NNNNNN

Pada 31 Disember 2003 :- Tetap 13,967 8,798 26,151 44,271 93,187- Terapung 840,153 76,601 506,501 3,141,981 4,565,236





laporan kewangan


Pinjaman Johor CorporationPinjaman Johor CorporationPinjaman Johor CorporationPinjaman Johor CorporationPinjaman Johor Corporation : kematangan dan pendedahan kepada risiko kadar faedah

Melebihi Melebihi1 Tahun Dan 2 Tahun Dan

Tidak Melebihi Tidak Melebihi Tidak Melebihi Melebihi1 Tahun 2 Tahun 5 Tahun 5 Tahun JumlahRM’000 RM’000 RM’000 RM’000 RM’000

Pada 31 Disember 2004 :- Tetap 451,371 363,147 571,968 2,392,303 3,778,789


Pada 31 Disember 2003 :- Tetap 444,739 7,237 351,806 2,841,091 3,644,873


Kumpulan

2004 2003RM’000 RM’000

Tanggungan pajakan kewanganTanggungan pajakan kewanganTanggungan pajakan kewanganTanggungan pajakan kewanganTanggungan pajakan kewangan

Pembayaran pajakan minima :- Tidak melebihi 1 tahun 14,006 11,300- Melebihi 1 tahun dan tidak melebihi 2 tahun 16,975 9,255- Melebihi 2 tahun dan tidak melebihi 5 tahun 12,857 11,365- Melebihi 5 tahun 67 37


Caj-caj kewangan akan datang ke atas pajakan kewangan (6,784) (3,978)HHHHHHH HHHHHHH

Nilai semasa tanggungan pajakan kewangan 37,121 27,979NNNNNNN NNNNNNN

Semasa 11,738 9,780Bukan Semasa 25,383 18,199

HHHHHHH HHHHHHH37,12137,12137,12137,12137,121 27,97927,97927,97927,97927,979

NNNNNNN NNNNNNN

Nilai semasa tanggungan-tanggungan pajakan kewangan :- Tidak melebihi 1 tahun 11,738 9,780- Melebihi 1 tahun dan tidak melebihi 2 tahun 12,450 8,361- Melebihi 2 tahun dan tidak melebihi 5 tahun 12,716 9,838- Melebihi 5 tahun 217 -


NNNNNNN NNNNNNN



laporan kewangan


Anggaran nilai saksamaAnggaran nilai saksamaAnggaran nilai saksamaAnggaran nilai saksamaAnggaran nilai saksama

Jumlah bawa bagi overdraf bank, kredit pusingan dan lain-lain pinjaman bank pada tarikh LembaranImbangan hampir bersamaan nilai saksama masing-masing. Nilai saksama bagi lain-lain pinjaman padatarikh Lembaran Imbangan adalah seperti berikut :

Kumpulan Johor CorporationNilai Nilai Nilai Nilai

Bawa Saksama Bawa SaksamaRM’000 RM’000 RM’000 RM’000

20042004200420042004Pinjaman Berjangka 742,197 757,750 - -Tanggungan Pajakan Kewangan 37,121 37,121 - -Pinjaman Kerajaan Persekutuan 72,617 68,195 72,617 68,195Bon Islam Yang Boleh Di Tebus Terjamin 3,075,829 2,394,095 3,075,829 2,394,095Sijil Yang Boleh Di Tebus Terjamin 230,343 173,602 230,343 173,602

HHHHHHH HHHHHHH HHHHHHH HHHHHHH4,158,107 3,430,763 3,378,789 2,635,892NNNNNNN NNNNNNN NNNNNNN NNNNNNN

20032003200320032003Pinjaman Berjangka 701,335 693,050 - -Tanggungan Pajakan Kewangan 27,979 25,327 - -Pinjaman Kerajaan Persekutuan 72,617 67,003 72,617 67,003Bon Islam Yang Boleh Di Tebus Terjamin 2,941,913 2,276,395 2,941,913 2,276,395Sijil Yang Boleh Di Tebus Terjamin 230,343 172,842 230,343 172,842


Overdraf bercagar, pinjaman-pinjaman berjangka, lain-lain pinjaman bank dan kredit-kredit pusingan bagiKumpulan dan Johor Corporation adalah bercagar melalui caj-caj ke atas aset-aset tertentu yang dimilikioleh Syarikat-Syarikat Anak di dalam Kumpulan dan Johor Corporation, sepertimana dinyatakan di dalamNota 10 dan Nota 14.

Tanggungan-tanggungan pajakan kewangan adalah terjamin oleh kerana hak-hak kepada aset-aset yang dipajakakan dikembalikan kepada pihak yang memberi pajakan sekiranya berlaku kemungkiran pembayaran.

Lain-lain pinjaman bank kepada Kumpulan dan Johor Corporation adalah di dalam bentuk penerimaanbank, pinjaman bank persisir pantai dan kemudahan-kemudahan jaminan bank.

Pada 31 Julai 2002, Kumpulan telah melaksanakan skim penstrukturan pinjaman di bawah Pelan IndukPenstrukturan Korporat (PIPK) lanjutan kepada Perjanjian Penstrukturan Pinjaman yang dimeterai di antaraJohor Corporation, Syarikat-Syarikat Anak dan peminjam-peminjam berkenaan. Di dalam penyusunan semulatersebut, RM4.16 bilion pinjaman-pinjaman telah distruktur semula yang meliputi jumlah RM2.8 bilionuntuk Johor Corporation dan RM1.4 bilion bagi Syarikat-Syarikat Anak. Peminjam-peminjam telah jugamemberi pengurangan kepada pinjaman tidak bercagar yang distruktur semula berjumlah RM729.09juta.



laporan kewangan


Dengan perlaksanaan skim tersebut, segala pinjaman-pinjaman Johor Corporation adalah ditukar kepadainstrumen-instrumen berikut :-

(i) Kemudahan Kredit Pusingan Islam Komited (“KPIK”)/Pembayaran Berjadual yang diaturkan(“PBA”) dibawah Sistem Konvensional /Prinsip-Prinsip Syariah Murabahah (campur kos) sebanyak RM400.0juta. Tempoh dan kadar keuntungan instrumen-instrumen adalah seperti berikut :

TempohTempohTempohTempohTempoh Kadar KeuntunganKadar KeuntunganKadar KeuntunganKadar KeuntunganKadar Keuntungan

KPIK Komited untuk sepuluh (10) tahun dan Pada 0.75% setahun di atasselepasnya adalah tertakluk kepada kos dana Islam berkesankajian semula secara tahunan setiap pemberi pinjam

PBA Komited untuk sepuluh (10) tahun Pada 0.75% setahun di atasselepasnya adalah tertakluk kepada kos dana Islam berkesankajian semula tahunan Maybank

(ii) Bon Islam Yang Boleh Di Tebus Terjamin (BIBTT) di bawah Prinsip-prinsip Syariah bagi Bai’ BithamanAjil (Penjualan Bayaran Tertangguh) dengan Sekuriti-Sekuriti Pinjaman Islam Yang Diterbitkan berjumlahRM2.752 bilion jumlah nominal yang terdiri daripada tiga (3) siri seperti berikut :

JumlahJumlahJumlahJumlahJumlah Kadar Pulangan BerkesanKadar Pulangan BerkesanKadar Pulangan BerkesanKadar Pulangan BerkesanKadar Pulangan BerkesanS i r iS i r iS i r iS i r iS i r i Nominal Nominal Nominal Nominal Nominal Tempoh Tempoh Tempoh Tempoh Tempoh kepadakepadakepadakepadakepada Kematangan/Kematangan/Kematangan/Kematangan/Kematangan/MarginMarginMarginMarginMargin

(RM‘000) (RM‘000) (RM‘000) (RM‘000) (RM‘000) (Tahun) (Tahun) (Tahun) (Tahun) (Tahun) Keuntungan (% setahun)Keuntungan (% setahun)Keuntungan (% setahun)Keuntungan (% setahun)Keuntungan (% setahun)

Siri 1 300,000 5 4.25Siri 2 500,000 7 4.75Siri 3 1,952,000 10 5.05

HHHHHHH2,752,000NNNNNNN

Johor Corporation membeli BIBTT dengan kos RM22.54 juta pada 20 September 2004 (rujuk Nota14). Sejumlah RM6.98 juta lagi telah dibeli daripada pemegang bond pada 18 Februari 2005.

(iii) RM230.3 juta jumlah nominal bagi Sijil-Sijil Yang Boleh Di Tebus Terjamin (“SBTT”) di bawah Prinsip-prinsip Syariah Qardhul Hassan dengan tiada kadar keuntungan seperti berikut :

JumlahJumlahJumlahJumlahJumlahS i r iS i r iS i r iS i r iS i r i Nominal Nominal Nominal Nominal Nominal Tempoh Tempoh Tempoh Tempoh Tempoh

(RM‘000) (RM‘000) (RM‘000) (RM‘000) (RM‘000) (Tahun) (Tahun) (Tahun) (Tahun) (Tahun)

Siri 1 15,983 5Siri 2 18,983 7Siri 3 195,377 10

HHHHHH 230,343 NNNNNN

Keuntungan-keuntungan di bawah pembiayaan Islam pada (i) dan (ii) di atas adalah dijamin oleh KerajaanNegeri Johor. SBTT adalah dijamin oleh hartanah-hartanah tertentu Johor Corporation (rujuk Nota 11) danKerajaan Negeri Johor dengan nilai RM10,082,000 (2003 : RM10,082,000), yang mana sedang di dalamproses pindahmilik kepada Johor Corporation. KPIK/PBA adalah dijamin oleh aset-aset Johor Corporationtertentu (rujuk Nota 10).



laporan kewangan


Kumpulan & Johor Corporation2004 2003

RM’000 RM’000Pembayaran minima ke atas BIBTT :- Tidak melebihi 1 tahun 66,512 41,283- Melebihi 1 tahun dan tidak melebihi 2 tahun 327,494 27,522- Melebihi 2 tahun dan tidak melebihi 5 tahun 626,886 433,221- Melebihi 5 tahun 3,168,672 3,701,298

HHHHHHH HHHHHHH4,189,564 4,203,324

Caj kewangan masa hadapan ke atas BIBTT (1,437,365) (1,451,125)HHHHHHH HHHHHHH

Nilai semasa ke atas BIBTT 2,752,199 2,752,199NNNNNNN NNNNNNN

Nilai semasa ke atas BIBTT :- Melebihi 1 tahun dan tidak melebihi 2 tahun 299,972 -- Melebihi 2 tahun dan tidak melebihi 5 tahun 499,970 299,972- Melebihi 5 tahun 1,952,257 2,452,227

HHHHHHH HHHHHHH2,752,199 2,752,199NNNNNNN NNNNNNN

Pada 31 Disember 2004, Johor Corporation belum membuat pembayaran semula pinjaman-pinjamanKerajaan Persekutuan berjumlah RM44.74 juta (2003 : RM36.60 juta).

Pada 17 Julai 2002, Johor Corporation telah memohon untuk menstruktur semula pinjaman-pinjamanKerajaan Persekutuan berjumlah RM86.97 juta (termasuk faedah tertunggak) kepada KementerianKewangan dengan pilihan-pilihan berikut :-

i) untuk membayar pinjaman-pinjaman dengan cara pertukaran beberapa harta ; atauii) untuk menstruktur pinjaman-pinjaman kepada pinjaman mudah yang dibayar balik selepas 10 tahun

dengan faedah yang munasabah.

Permohonan ini masih belum memperolehi kelulusan Kementerian Kewangan.

Stok Pinjaman Yang Boleh Di Tebus Tukar (“SPBTBT”) yang berjumlah RM Tiada (2003 : 50,000,000)adalah bercagar dan dikenakan faedah sebanyak 8% setahun. Tarikh luput SPBTBT adalah pada 29 Mac2004 dan ditebus melalui suatu kemudahan pinjaman jangka pendek (“PJP”) berjumlah RM50,000,000daripada Affin Merchant Bank Berhad. Kadar faedah ke atas kemudahan berkenaan adalah 5.35% setahun.Pada 12 November 2004, PJP tersebut telah diselesaikan sepenuhnya.

SPBTBT yang berjumlah RM 3,375,000 (2003 : RM3,375,000) adalah bercagar dan kadar faedahadalah sebanyak 2% (2003 : 2%) di atas kadar pinjaman asas setahun. SPBTBT tersebut akan ditebussepenuhnya di akhir tahun kelima, pada harga terbitan RM1.35 dari tarikh langganan pertama iaitupada Februari 1999. SPBTT tersebut telah ditukar kepada pinjaman jangka panjang dalam tahun semasa.



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2323232323 CUKAI TERTUNDACUKAI TERTUNDACUKAI TERTUNDACUKAI TERTUNDACUKAI TERTUNDA

Aset cukai tertunda dan tanggungan adalah diimbangkan apabila terdapat hak untuk dikuatkuasakan darisegi perundangan untuk memperseimbangkan aset cukai semasa diimbangkan dengan tanggungan cukaisemasa dan apabila cukai tertunda tersebut adalah berkaitan dengan penguatkuasaan percukaian yangsama. Jumlah-jumlah berikut, diperolehi setelah diimbangkan dengan sewajarnya, ditunjukkan di dalamLembaran Imbangan :


RM’000 RM’000 RM’000 RM’000Aset cukai tertunda:- tertakluk kepada cukai pendapatan 17,521 12,020 - -Tanggungan cukai tertunda :- tertakluk kepada cukai pendapatan (219,452) (180,560) (1,558) (5,467)- tertakluk kepada cukai keuntungan modal (86,342) (91,240) (20) (1,280)

(305,794) (271,800) (1,578) (6,747)HHHHHHH HHHHHHH HHHHHHH HHHHHHH

(288,273) (288,273) (288,273) (288,273) (288,273) (259,780)(259,780)(259,780)(259,780)(259,780) (1,578)(1,578)(1,578)(1,578)(1,578) (6,747)(6,747)(6,747)(6,747)(6,747)NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Pada awal tahun (259,780) (235,035) (6,747) (8,721)(Caj)/dikreditkan ke Penyata Pendapatan (Nota 9)- Harta, Loji dan Kelengkapan (14,537) (27,929) 3,783 1,305- Aset Tidak Nyata 1,840 1,840 - -- Kerugian Percukaian 7,924 (436) - -- Peruntukan (599) 490 (192) 490- Rizab Penilaian Semula 181 287 - -- Cukai keuntungan hartanah dibayar ke atas pelupusan harta - 4,143 - -- Lain-lain (2,350) (3,101) 318 179


Caj kepada ekuiti (16,975) 194 1,260 -Pengambilalihan syarikat anak (Nota 12) - (600) - -Pelupusan syarikat anak (Nota 12) (79) 130 - -Perbezaan tukaran matawang (3,898) 237 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHPada akhir tahun (288,273) (259,780) (1,578) (6,747)


Tertakluk kepada cukai pendapatanTertakluk kepada cukai pendapatanTertakluk kepada cukai pendapatanTertakluk kepada cukai pendapatanTertakluk kepada cukai pendapatanAset Cukai TertundaAset Cukai TertundaAset Cukai TertundaAset Cukai TertundaAset Cukai Tertunda ( ( ( ( (sebelum diimbangkansebelum diimbangkansebelum diimbangkansebelum diimbangkansebelum diimbangkan)))))

Harta, Loji Dan Kelengkapan 20,130 4,779 714 -Peruntukan 911 - 5,361 5,554Pemiutang 5,411 5,635 - -Kerugian percukaian 18,428 7,648 - -Lain-lain 5,477 10,837 885 567


Imbangan (32,836) (16,879) (6,960) (6,121)HHHHHHH HHHHHHH HHHHHHH HHHHHHH

Aset cukai tertundaAset cukai tertundaAset cukai tertundaAset cukai tertundaAset cukai tertunda ( ( ( ( (selepas imbanganselepas imbanganselepas imbanganselepas imbanganselepas imbangan))))) 17,52117,52117,52117,52117,521 12,02012,02012,02012,02012,020 ----- -----NNNNNNN NNNNNNN NNNNNNN NNNNNNN



laporan kewangan

2323232323 CUKAI TERTUNDA CUKAI TERTUNDA CUKAI TERTUNDA CUKAI TERTUNDA CUKAI TERTUNDA (sambungan)


RM’000 RM’000 RM’000 RM’000

Tanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertunda (((((sebelum imbangansebelum imbangansebelum imbangansebelum imbangansebelum imbangan)))))

Harta, Loji dan Kelengkapan (172,262) (116,764) (8,518) (11,588)Aset Tidak Nyata (19,162) (21,002) - -Rizab Penilaian Semula (42,385) (51,699) - -Lain-lain (18,479) (7,974) - -


Imbangan 32,836 16,879 6,960 6,121HHHHHHH HHHHHHH HHHHHHH HHHHHHH

Tanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertunda ( ( ( ( (selepas imbanganselepas imbanganselepas imbanganselepas imbanganselepas imbangan))))) (219,452)(219,452)(219,452)(219,452)(219,452) (180,560)(180,560)(180,560)(180,560)(180,560) (1,558)(1,558)(1,558)(1,558)(1,558) (5,467)(5,467)(5,467)(5,467)(5,467)


Tertakluk kepada cukaiTertakluk kepada cukaiTertakluk kepada cukaiTertakluk kepada cukaiTertakluk kepada cukai keuntungan modal keuntungan modal keuntungan modal keuntungan modal keuntungan modalTanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertundaTanggungan cukai tertundaHarta, Loji dan Kelengkapan (86,342)(86,342)(86,342)(86,342)(86,342) (91,240)(91,240)(91,240)(91,240)(91,240) (20)(20)(20)(20)(20) (1,280)(1,280)(1,280)(1,280)(1,280)


Jumlah bagi perbezaan sementara dan kerugian cukai belum digunakan (kedua-duanya yang tiadatarikh luput) yang tiada aset cukai tertunda diiktiraf adalah sepertimana berikut :


RM’000 RM’000 RM’000 RM’000

Elaun modal belum digunakan 65,628 48,394 - -Perbezaan sementara yang boleh digunakan 534,850 534,407 - -Kerugian percukaian 1,720,737 1,697,725 - -


2424242424 LAIN-LAIN TANGGUNGAN TERTUNDALAIN-LAIN TANGGUNGAN TERTUNDALAIN-LAIN TANGGUNGAN TERTUNDALAIN-LAIN TANGGUNGAN TERTUNDALAIN-LAIN TANGGUNGAN TERTUNDA

Geran Kerajaan 147,555 11,199 - -Lain-lain Tanggungan Tertunda 653 513 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH148,208148,208148,208148,208148,208 11,71211,71211,71211,71211,712 ----- -----


Geran KerajaanGeran KerajaanGeran KerajaanGeran KerajaanGeran Kerajaan

Kos 163,817 12,031 - -Ditolak : Pelunasan Terkumpul (16,262) (832) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHBaki Pada 31 DisemberBaki Pada 31 DisemberBaki Pada 31 DisemberBaki Pada 31 DisemberBaki Pada 31 Disember 147,555147,555147,555147,555147,555 11,19911,19911,19911,19911,199 ----- -----




laporan kewangan

2525252525 RIZAB MODALRIZAB MODALRIZAB MODALRIZAB MODALRIZAB MODAL

Rizab modal merangkumi rizab penilaian semula yang terhasil dari penilaian semula Harta, Loji danKelengkapan Kumpulan dan Johor Corporation masing-masing berjumlah RM1,124,473,000 (2003 :RM1,075,657,000) dan RM58,846,000 (2003 : RM83,696,000).

2626262626 ANALISA SEGMEN BISNES KUMPULANANALISA SEGMEN BISNES KUMPULANANALISA SEGMEN BISNES KUMPULANANALISA SEGMEN BISNES KUMPULANANALISA SEGMEN BISNES KUMPULAN

(a) Format laporan utama - Segmen BisnesUsahasama Penyelarasan

Minyak Sawit Prisihatin Hartanah Intrapreneur Lain-lain Penyatuan KumpulanRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Kumpulan - 2004Kumpulan - 2004Kumpulan - 2004Kumpulan - 2004Kumpulan - 2004

JUALANJUALANJUALANJUALANJUALAN

Jualan Kepada Pihak Luar 1,637,715 554,153 292,441 23,349 35,725 - 2,543,383Penjualan Antara Segmen 37,436 - 25,404 67,356 164,975 (295,171) -

HHHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHH

Jumlah Jualan 1,675,151 554,153 317,845 90,705 200,700 (295,171) 2,543,383NNNNNN NNNNN NNNNN NNNNN NNNNN NNNNN NNNNNN

KEPUTUSANKEPUTUSANKEPUTUSANKEPUTUSANKEPUTUSAN

Keputusan Segmen (Luaran) 372,719 65,531 (287,324) (48,111) 320,991 - 423,806Pendapatan Tidak Diagihkan 24,402Kos Tidak Diagihkan (40,089)

HHHHHH

Keuntungan Dari Operasi 408,119Kos Kewangan (231,209)Bahagian Keputusan Syarikat Bersekutu 926 47 22,699 4,137 (4) 27,805

HHHHHH

Keuntungan Dari Aktiviti Biasa Sebelum Cukai 204,715Cukai (125,105)

HHHHHHHHHKeuntungan Dari Aktiviti Biasa Selepas Cukai 79,610

Kepentingan Minoriti (75,044)HHHHHHHHH

Keuntungan Bersih Bagi Tahun Semasa 4,566

NNNNNN



laporan kewangan

2626262626 ANALISA SEGMEN BISNES KUMPULAN ANALISA SEGMEN BISNES KUMPULAN ANALISA SEGMEN BISNES KUMPULAN ANALISA SEGMEN BISNES KUMPULAN ANALISA SEGMEN BISNES KUMPULAN (sambungan)

(a) Format laporan utama - Segmen Bisnes (sambungan)

UsahasamaMinyak Sawit Prisihatin Hartanah Intrapreneur Lain-lain Kumpulan

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Kumpulan - 2004Kumpulan - 2004Kumpulan - 2004Kumpulan - 2004Kumpulan - 2004

LAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMAT

Aset-Aset Segmen 3,714,973 509,445 480,863 (87,934) 2,456,068 7,073,415Entiti Kawalan Bersama & Syarikat Bersekutu 2,994 12,758 129,402 7,094 168,215 320,463Aset-Aset Yang Tidak Diagihkan 975,936

HHHHHH

Jumlah Aset Yang Disatukan 8,369,814NNNNNN

Tanggungan-Tanggungan Segmen 226,259 103,695 369,884 239,190 (193,332) 745,696Tanggungan Yang Tidak Diagihkan 5,414,321

HHHHHH

Jumlah Tanggungan Disatukan 6,160,017NNNNNN

Perbelanjaan Modal 192,306 71,680 315,562 7,323 25,356 612,227Susutnilai Dan Pelunasan 81,465 32,082 6,288 17,660 35,206 172,701Kerugian Penyusutan Nilai Aset 5,857 - 1,066 21,784 1,224 29,931



laporan kewangan


(a) Format laporan utama - Segmen Bisnes (sambungan)

Usahasama Penyelarasan Minyak Sawit Prisihatin Hartanah Intrapreneur Lain-lain Penyatuan Kumpulan


JUALANJUALANJUALANJUALANJUALAN

Jualan Kepada Pihak Luar 1,242,471 454,825 174,432 103,223 164,022 - 2,138,973Penjualan Antara Segmen 36,841 11,792 650 6,309 49,933 (105,525) -

HHHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHH

Jumlah Jualan 1,279,312 466,617 175,082 109,532 213,955 (105,525) 2,138,973NNNNNN NNNNN NNNNN NNNNN NNNNN NNNNN NNNNNN

KEPUTUSANKEPUTUSANKEPUTUSANKEPUTUSANKEPUTUSAN

Keputusan Segmen (Luaran) 302,199 7,634 79,262 4,193 (17,322) - 375,966Pendapatan Tidak Diagihkan 123,844Kos Tidak Diagihkan (37,889)

HHHHHH

Keuntungan Dari Operasi 461,921Kos Kewangan (243,413)Bahagian KeputusanDi Dalam Syarikat Bersekutu 1,072 849 42,806 799 (1,191) 44,335

HHHHHH

Keuntungan Dari Aktiviti Biasa Sebelum Cukai 262,843Cukai (109,856)

HHHHHHHHHKeuntungan Dari Aktiviti Biasa Selepas Cukai 152,987Kepentingan Minoriti (88,740)

HHHHHHHHHKeuntungan Bersih Bagi Tahun Semasa 64,247

NNNNNN



laporan kewangan


(a) Format laporan utama - Segmen Bisnes (sambungan)Usahasama

Minyak Sawit Prisihatin Hartanah Intrapreneur Lain-lain KumpulanRM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003Kumpulan - 2003

LAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMATLAIN-LAIN MAKLUMAT

Aset-Aset Segmen 3,471,615 686,704 2,006,931 92,921 1,054,366 7,312,537Entiti Kawalan Bersama & Syarikat Bersekutu 2,303 12,513 78,266 6,338 62,255 161,675Aset-Aset Yang Tidak Diagihkan 320,206

HHHHHH

Jumlah Aset Disatukan 7,794,418NNNNNN

Tanggungan-Tanggungan Segmen 429,688 333,288 237,410 207,625 26,194 1,234,205Tanggungan Yang Tidak Diagihkan 4,459,914

HHHHHH

Jumlah Tanggungan Disatukan 5,694,119NNNNNN

Perbelanjaan Modal 168,883 72,799 3,586 8,467 26,778 280,513Susutnilai Dan Pelunasan 63,713 34,909 8,998 17,833 54,791 180,244Kerugian Penyusutan Nilai Aset 334 - - 20,096 (813) 19,617

(b) Format laporan sekunder – Segmen Geografi

Jualan (Kepada Pihak Luar) Jumlah Aset Perbelanjaan Modal2004 2003 2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000KUMPULANKUMPULANKUMPULANKUMPULANKUMPULAN

Malaysia 1,562,240 1,451,257 6,123,389 6,493,996 499,805 156,183Indonesia 63,276 27,179 238,762 161,866 41,745 43,920Papua New Guinea 10,103 - 711,264 634,819 68,221 74,807United Kingdom 440,840 130,626 - - - -Lain-lain Negara Di Asia 204,828 173,952 - - - -Lain-lain Negara Di Eropah 141,739 264,782 - - - -Lain-Lain Negara 120,628 91,177 - 21,856 2,456 5,603

HHHHHH HHHHHH HHHHHH HHHHHH HHHHHH HHHHHH

2,543,654 2,138,973 7,073,415 7,312,537 612,227 280,513NNNNNN NNNNNN NNNNNN NNNNNN

Entiti Kawalan Bersama Dan Syarikat Bersekutu 320,463 161,675Aset-Aset Yang Tidak Diagihkan 975,936 320,206

HHHHHH HHHHHHJumlah Aset 8,369,814 7,794,418

NNNNNN NNNNNN



laporan kewangan

2727272727 URUSNIAGA KETARA ANTARA PIHAK-PIHAK BERKAITANURUSNIAGA KETARA ANTARA PIHAK-PIHAK BERKAITANURUSNIAGA KETARA ANTARA PIHAK-PIHAK BERKAITANURUSNIAGA KETARA ANTARA PIHAK-PIHAK BERKAITANURUSNIAGA KETARA ANTARA PIHAK-PIHAK BERKAITAN

Sebagai tambahan kepada pendedahan urusniaga-urusniaga dengan pihak-pihak berkaitan seperti yangsediada dinyatakan pada tempat-tempat lain di dalam penyata kewangan ini, berikut adalah lain-lain transaksipenting pihak-pihak berkaitan dan baki-bakinya.Urusniaga pihak-pihak berkaitan yang diterangkan di bawahtelah dilaksanakan di atas terma-terma dan syarat-syarat yang telah dipersetujui.

Johor Corporation2004 2003

RM’000 RM’000

Pembelian Daripada Syarikat-Syarikat Anak 47,927 58,141Yuran Pengurusan Dibayar Kepada Syarikat-Syarikat Anak 6,234 5,227Pembelian Harta, Loji dan Kelengkapan Daripada Syarikat-Syarikat Anak 3,706 43,438Sewa Dibayar Kepada Syarikat-Syarikat Anak 23 663Perbelanjaan Faedah Dibayar Kepada Syarikat-Syarikat Anak 104 165Hutang Syarikat-Syarikat Anak Yang Dihapuskira 994 14,780

NNNNNNN NNNNNNN

Lain-lain Hutang Yang Dipindahkan Daripada Syarikat-Syarikat Anak - 14,780Jualan Kepada Syarikat-Syarikat Anak 4,586 4,316Jualan Pelaburan Kepada Syarikat-Syarikat Anak 93,204 16,581Jualan Harta, Loji dan Kelengkapan Kepada Syarikat-Syarikat Anak 353,640 675Pendapatan Faedah Diterima Daripada Syarikat-Syarikat Anak 354 12,140Yuran Pengurusan Diterima Daripada Syarikat-Syarikat Anak 1,048 1,001Dividen Diterima Daripada Syarikat-Syarikat Anak 317 264Sewa Diterima Daripada Syarikat-Syarikat Anak 4,306 3,779Yuran Kursus Diterima Daripada Syarikat-Syarikat Anak 485 657

NNNNNNN NNNNNNN



laporan kewangan

2828282828 KOMITMENKOMITMENKOMITMENKOMITMENKOMITMEN

a )a )a )a )a ) KOMITMEN MODALKOMITMEN MODALKOMITMEN MODALKOMITMEN MODALKOMITMEN MODAL


RM’000 RM’000 RM’000 RM’000

Perbelanjaan Modal Yang Dibenarkan Yang Tidak Diperuntukkan Di Dalam Penyata Kewangan :- Telah Dikontrakkan 146,390 76,129 26,855 14,257- Tidak Dikontrakkan 135,315 277,031 - -


NNNNNNN NNNNNNN NNNNNNN NNNNNNNDianalisa Seperti Berikut :- Harta, Loji dan Kelengkapan 254,850 338,873 - -- Perbelanjaan Pembangunan 26,855 14,287 26,855 14,257



( b )( b )( b )( b )( b ) KOMITMEN PAJAKAN OPERASI TIDAK BOLEH BATALKOMITMEN PAJAKAN OPERASI TIDAK BOLEH BATALKOMITMEN PAJAKAN OPERASI TIDAK BOLEH BATALKOMITMEN PAJAKAN OPERASI TIDAK BOLEH BATALKOMITMEN PAJAKAN OPERASI TIDAK BOLEH BATAL Kumpulan

2004 2003RM’000 RM’000

Bayaran Minima Pajakan Masa Hadapan :- Dalam tempoh 1 tahun 1,669 1,119- Lebih dari 1 tahun dan tidak lebih dari 5 tahun 8,047 3,813

HHHHHHH HHHHHHH9,7169,7169,7169,7169,716 4,9324,9324,9324,9324,932

NNNNNNN NNNNNNN

2929292929 LIABILITI LUAR JANGKA (TIDAK BERCAGAR)LIABILITI LUAR JANGKA (TIDAK BERCAGAR)LIABILITI LUAR JANGKA (TIDAK BERCAGAR)LIABILITI LUAR JANGKA (TIDAK BERCAGAR)LIABILITI LUAR JANGKA (TIDAK BERCAGAR)


RM’000 RM’000 RM’000 RM’000

Jaminan Bank Yang Diberikan Kepada Institusi Kewangan Untuk Pihak Ketiga Bagi Kemudahan- Kemudahan Yang Diberikan Kepada :- Johor Corporation 93,946 93,876 - -- Syarikat-Syarikat Anak 38,308 42,632 - -- Pihak-Pihak Ketiga 12,951 7,459 - -Tuntutan Yang Mungkin Dibuat Oleh Pihak-Pihak Ketiga 45,528 15,922 34,605 1,848Jaminan Yang Diberi Oleh Sebuah Bank Kepada Pihak Ketiga 968 743 - -Jaminan Korporat Yang Diberikan Kepada Pihak-Pihak Ketiga - 3,025 - -



Terdapat tanggungan Cukai Keuntungan Hartanah (CKHT) berjumlah RM16,732,000 (2003 :RM301,000) yang timbul daripada keuntungan-keuntungan atas penjualan aset-aset Johor Corporation,yang tidak di akru di dalam Penyata Kewangan.



laporan kewangan

2929292929 LIABILITI LUAR JANGKA (TIDAK BERCAGAR) LIABILITI LUAR JANGKA (TIDAK BERCAGAR) LIABILITI LUAR JANGKA (TIDAK BERCAGAR) LIABILITI LUAR JANGKA (TIDAK BERCAGAR) LIABILITI LUAR JANGKA (TIDAK BERCAGAR) (sambungan)

Permohonan untuk pengecualian telah diluluskan oleh Kementerian Kewangan menurut surat kelulusandi mana pengecualian diberikan atas penjualan harta atau saham-saham yang dimiliki Johor Corporationdan syarikat-syarikat anaknya daripada tahun 1998 sehingga 2006.

Liabiliti luar jangka terutamanya terdiri daripada tuntutan perlaksanaan khusus perjanjian jual beli 50 ekarhartanah dikenali sebagai PLO 1, Mukim Kluang, Johor dan secara alternatif tuntutan gantirugi sebanyakRM31,000,000 sebagau gantian tuntutan perlaksanaan khusus. Para Pengarah berpendapat tuntutanpihak plaintif ke atas kerugian keuntungan tidak akan berjaya.

3030303030 INSTRUMEN-INSTRUMEN KEWANGANINSTRUMEN-INSTRUMEN KEWANGANINSTRUMEN-INSTRUMEN KEWANGANINSTRUMEN-INSTRUMEN KEWANGANINSTRUMEN-INSTRUMEN KEWANGAN

( i )( i )( i )( i )( i ) Kontrak-kontrak tukaran asing kehadapanKontrak-kontrak tukaran asing kehadapanKontrak-kontrak tukaran asing kehadapanKontrak-kontrak tukaran asing kehadapanKontrak-kontrak tukaran asing kehadapan

Kontrak-kontrak tukaran asing kehadapan telah dibuat oleh Kumpulan bagi menguruskan pendedahankepada perubahan-perubahan di dalam kadar pertukaran matawang asing di atas transaksi-transaksiyang khusus. Pada masa ini, dasar Kumpulan ialah untuk memasuki ke dalam kontrak pertukaranasing kehadapan sehingga 30% daripada penerimaan matawang asing sedemikian di mana Syarikatakan dapat menikmati “premium market swap point” sehingga kepada 80% bagi pembayaran matawangasing tersebut atas tahun berikutnya tetapi ia adalah tertakluk kepada kajian oleh pengurusan darimasa ke semasa disebabkan oleh keadaan pasaran matawang.

Pada 31 Disember 2004, tarikh-tarikh penyelesaian di atas kontrak-kontrak terbuka kehadapan beradadi antara 1 dan 6 bulan. Jumlah matawang asing untuk diterima dan kadar-kadar pertukaran kontrakbagi kontrak yang masih belum jelas adalah seperti berikut :

RM ‘000Item Dilindungi Matawang Bersamaan Kadar KontrakHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH

20042004200420042004Penghutang perdagangan :

USD4,422,609 USD 16,808 1USD = RM3.801EUR95,180 EUR 459 1EUR = RM4.820

Pemiutang Perdagangan :EUR28,600 EUR 145 1EUR = RM5.060

20032003200320032003Penghutang perdagangan :

USD2,738,000 USD 10,419 1USD = RM3.806

Nilai saksama bagi kontrak-kontrak kehadapan tertunggak bagi Kumpulan pada tarikh LembaranImbangan adalah hampir kepada jumlah bawa mereka.

Kerugian/(Keuntungan) bersih pada 31 Disember 2004 di atas kontrak-kontrak terbuka bagi melindunginilai jualan akan datang dalam matawang asing berjumlah RM4,000 (2003 : keuntungan sebanyakRM15,000). Kerugian pertukaran bersih tersebut adalah ditangguhkan sehingga jualan yang berkaitandiurusniagakan, pada masa itu ia akan diambilkira untuk menilaikan urusniaga-urusniaga berkenaan.

( i i )( i i )( i i )( i i )( i i ) Nilai SaksamaNilai SaksamaNilai SaksamaNilai SaksamaNilai Saksama

Nilai saksama bagi hartanah pelaburan dengan jumlah bawa sebanyak RM577,546,000 (2003 :RM577,546,000) ialah RM528,950,000 (2003 : RM528,950,000).

Adalah tidak praktikal di dalam kekangan masa dan kos untuk menganggarkan nilai saksama bagipelaburan-pelaburan lain yang tidak tersenarai. Nilai pasaran pada tarikh lembaran imbangan bagipelaburan-pelaburan tersenarai adalah hampir kepada nilai saksama mereka.

Jumlah bawa lain-lain aset kewangan dan tanggungan Kumpulan dan Johor Corporation pada tarikhlembaran imbangan adalah amat hampir nilai-nilai saksama mereka melainkan dinyatakan di dalamNota 14 dan 22.



laporan kewangan

3131313131 PELARASAN TAHUN TERDAHULUPELARASAN TAHUN TERDAHULUPELARASAN TAHUN TERDAHULUPELARASAN TAHUN TERDAHULUPELARASAN TAHUN TERDAHULU

a) Di dalam salah sebuah daripada syarikat-syarikat anak, pelarasan tahun terdahulu merupakanreklasifikasi bagi 9% Saham-saham KeutamaanYang Boleh Di Tebus Kumulatif sebagaitanggungan menurut Piawaian MASB 24 “Instrumen Kewangan; Pembentangan dan Pendedahan“,konsisten dengan pembentangan tahun semasa.

b) Di dalam sebuah syarikat-syarikat sekutu, pelarasan tahun terdahulu merupakan ;

i) Pembalikan tanggungan cukai tertunda berkaitan dengan suatu peruntukan bagi rosotnilai didalam nilai tanah yang dipegang di dalam sebuah syarikat anak bagi tahun kewangan berakhir31 Disember 2001; dan

ii) Pembalikan pelarasan-pelarasan tetap berkaitan kepada pencairan dan pelupusan syarikat-syarikat anak bagi tahun terdahulu.

Kesan daripada perubahan-perubahan di dalam Penyata Kewangan Kumpulan adalah seperti berikut;

SepertiSepertiSepertiSepertiSeperti KesanKesanKesanKesanKesan SepertimanaSepertimanaSepertimanaSepertimanaSepertimanadilapurkandilapurkandilapurkandilapurkandilapurkan daripadadaripadadaripadadaripadadaripada dinyatakandinyatakandinyatakandinyatakandinyatakanterdahuluterdahuluterdahuluterdahuluterdahulu pelarasanpelarasanpelarasanpelarasanpelarasan semulasemulasemulasemulasemula

RM’000 RM’000 RM’000

KumpulanKumpulanKumpulanKumpulanKumpulan

Pada 31 Disember 2002Pada 31 Disember 2002Pada 31 Disember 2002Pada 31 Disember 2002Pada 31 Disember 2002

Rizab Hasil (595,516) (2,596) (598,112)NNNNNN NNNNNN NNNNNNN

Tahun Berakhir 31 Disember 2003Tahun Berakhir 31 Disember 2003Tahun Berakhir 31 Disember 2003Tahun Berakhir 31 Disember 2003Tahun Berakhir 31 Disember 2003

Bahagian Keputusan Syarikat Bersekutu 39,913 4,422 44,335Cukai - Johor Corporation Dan Syarikat - syarikat Anak 105,083 98 105,181Kepentingan Minoriti (88,416) (324) (88,740)

NNNNNN NNNNNNN NNNNNNN

Pada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003Pada 31 Disember 2003

Syarikat Bersekutu 88,984 4,422 93,406Kepentingan Minoriti 1,551,460 2,920 1,554,380Rizab Hasil (489,542) 1,502 (488,040)




laporan kewangan

3232323232 PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUNPERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUNPERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUNPERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUNPERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN

1. Pada 20 Ogos 2004, Johor Land Berhad, sebuah syarikat anak Johor Corporation, telah menyelesaikanpelupusan sebidang tanah milik bebas yang berkeluasan 258.48 ekar di dalam Mukim dan DaerahKota Tinggi, Johor kepada pihak ketiga dengan harga pertimbangan tunai RM33,603,000.

2. Pada 1 Oktober 2004, sebuah syarikat anak Johor Corporation, Sindora Berhad selesai mengambilalih750,000 saham biasa pada RM1.00 sesaham mewakili 75 peratus kepentingan ekuiti di dalamMetro Parking (M) Sdn Bhd daripada Harta Consult Sdn Bhd, sebuah syarikat anak yang dimilikipenuh oleh Johor Corporation pada harga pertimbangan RM6,375,000.

3. Pada 28 Oktober 2004, Kumpulan Perubatan (Johor) Sdn Bhd (“KPJSB”) sebuah syarikat anak yangdimiliki penuh oleh KPJ Healthcare Berhad, sebuah syarikat anak Johor Corporation, telah memeteraiMemorandum Persefahaman (“MOU”) dengan Continental Hospital Limited (“CHL”), sebuah syarikatyang diperbadankan di Bangladesh berkaitan dengan cadangan usahasama untuk membina pusatperubatan di Dhaka, Bangladesh.

Pada 27 Disember 2004, tiga perjanjian telah dimeterai oleh kedua-dua pihak iaitu :-

(i) Perjanjian Penasihat Teknikal

(ii) Perjanjian “Commissioning” (pentauliahan)

(iii) Perjanjian Pengurusan

4. Pada 20 Disember 2004, Johor Corporation telah menyelesaikan penjualan sebidang tanah peganganbebas zon pertanian untuk pembangunan, kepada sebuah syarikat anaknya, Johor Land Berhad, yangberkeluasan kira-kira 1,474.25 ekar di dalam Mukim Tebrau, Johor Darul Ta’zim dengan jumlahharga pertimbangan sebanyak RM353,000,000 dengan penyelesaian secara berikut:

(i) RM1,000,000 tunai;

(ii) Penerbitan 22,000,000 saham-saham biasa baru bernilai tara RM 1 setiap satu ; dan

(iii) Penerbitan 330,000,000 Lima (5) tahun Stok Pinjaman Yang Boleh Ditukar Tidak Bercagar(“CULS”) pada 100% nilai nominal RM1.00 setiap satu dengan kadar kupon 1% setahun selama24 bulan pertama dan 6% setahun bagi tahun-tahun seterusnya.

5. Pada 1 November 2004, New Britain Palm Oil Limited (“NBPOL”) sebuah syarikat anak Kulim(Malaysia)Berhad, syarikat anak Johor Corporation telah memeterai satu Memorandum Persefahaman bersamadengan Kerajaan Kepulauan Solomon untuk mengambilalih aset-aset tertentu dan/atau kepentinganoleh Solomon Island Plantations Limited. Kesemua perundingan telah selesai dan kelulusan pemegangsaham NBPOL telah diperolehi pada suatu Mesyuarat Agung Luarbiasa. Sijil Pelaburan Awal telahdikeluarkan oleh Kerajaan Kepulauan Solomon dan NBPOL sedang menunggu pengeluaran SijilPelaburan Akhir untuk memulakan operasi.

6. Pada 6 Disember 2004, sebuah syarikat anak Johor Corporation, Kulim (Malaysia) Berhad (“KMB”)telah memasuki suatu perjanjian usaha sama dengan Topplant Laboratories Sdn Bhd (“TLSB”) untukmembuat pelaburan di dalam dan untuk menjalankan suatu syarikat usaha sama yang dikenali sebagaiKulim Topplant Sdn Bhd (“KTSB”) (dahulunya dikenali sebagai Flovent Sdn Bhd) untuk menghasilkanbenih sawit penghasilan tinggi menggunakan teknologi pembiakan tisu kultur. KMB akan melanggan60% daripada ekuiti di dalam KTSB dan baki 40% oleh TLSB. Modal dibenarkan KTSB adalah sebanyakRM10 juta yang terdiri daripada 10 juta saham-saham biasa RM 1.00 setiap satu. Modal berbayarpula adalah sebanyak RM5 juta. Kelulusan Jawatankuasa Pelaburan Asing telah diperolehi pada 3Mac 2005 dan rakan-rakan usahasama tersebut adalah di dalam peringkat perancangan terakhiruntuk memulakan pembinaan makmal.



laporan kewangan

7. Pada 10 Januari 2005, sebuah syarikat anak Johor Corporation, Kulim (Malaysia) Berhad (“KMB”) telahmenguatkuasakan pelupusan 1.33% lagi kepentingan ekuitinya di dalam syarikat anaknya New BritainPalm Oil Limited (“NBPOL”). Pelupusan awal sebanyak 3.67% pegangan saham dalam NBPOL telahdilakukan pada 31 Disember 2004. Terimaan bersih daripada pelupusan ini adalah bersamaan denganRM37.7 juta. Pegangan saham kumpulan dalam NBPOL selepas pelupusan ini berkurangan kepada75% di dalam ekuiti NBPOL.

8. Pada 16 Februari 2005, sebuah syarikat anak milik penuh Johor Corporation, Johor Foods Sdn Bhd(“JFSB”) telah menandatangani satu surat ikatan pengambilalihan hutang Kumpulan Prasarana RakyatJohor Sdn Bhd (“KPRJ”) dengan Affin Bank Berhad. Dibawah surat ikatan pengambilalihan ini, JFSBakan menerima pindah milik lima bidang tanah daripada KPRJ dan mengambilalih tanggungan KPRJsebanyak RM74 juta kepada Affin Bank Berhad.Pada tarikh yang sama, JFSB memeterai satu perjanjiandengan Affin Bank Berhad untuk mendapatkan kemudahan pinjaman berjangka berjumlah RM66.6juta. JFSB telah membayar RM7.4 juta sebagai deposit kepada Affin Bank Berhad.

9. Pada 18 Februari 2005, Johor Corporation telah melupuskan pelaburan jangka panjangnya di dalamArchipelago Fund melalui proses pencairan sebanyak 449,210 unit saham dengan pulangan sebanyakUSD 38 seunit. Jumlah terimaan daripada proses pencairan tersebut berjumlah kira-kira RM63,159,000.

10. Pada 11 Mac 2005, sebuah syarikat anak Johor Corporation, Kulim (Malaysia) Berhad (“KMB”) telahmengumumkan cadangannya untuk mengambil pembahagian modal “in-specie” sebanyak 50,550,000saham Johor Land Berhad yang juga syarikat anak Johor Corporation kepada pemegang sahamnya.Cadangan pembahagian modal tersebut akan melibatkan pembahagian saham yang dipegang olehKMB, yang mewakili 41.43% kepentingan ekuiti pada 31 Disember 2004, kepada pemegang sahamnya.Kelulusan pemegang saham pada suatu Mesyuarat Agung Luarbiasa, Suruhanjaya Sekuriti, dan BursaMalaysia Securities Berhad telah diperolehi pada 20 Jun 2005. KMB perlu mendapatkan kelulusanMahkamah Tinggi terhadap cadangan berkenaan.

11. Pada 15 Mac 2005, sebuah syarikat anak Johor Corporation, Johor Land Berhad (“JLB”) telah memeteraiPerjanjian Jual Beli untuk melupuskan keseluruhan pegangan sebanyak 7,350,000 saham yang mewakili35% kepentingan ekuiti di dalam Saint Gobain Terreal (Malaysia) Sdn Bhd kepada Terreal France,dengan pertimbangan tunai sebanyak RM1,837,500 atau bersamaan RM0.25 sesaham (“CadanganPelupusan”). Cadangan pelupusan ini telah diselesaikan pada 18 Jun 2005 dan Saint Gobain Terreal(Malaysia) Sdn Bhd tidak lagi menjadi syarikat bersekutu kepada JLB dan Johor Corporation.

12. Pada 24 Mac 2005, Johor Corporation telah memeterai satu Perjanjian Jual Beli Bersyarat dengansebuah syarikat anaknya, Sindora Berhad, untuk melupuskan 112,500 unit saham-saham biasa RM1.00setiap satu yang mewakili 75% kepentingan ekuiti di dalam Epasa Shipping Agency Sdn Bhd denganpertimbangan tunai sebanyak RM2,100,000 atau bersamaan RM18.67 sesaham. Transaksi tersebuttelah selesai pada 30 May 2005.

13. Pada 25 Mac 2005, Larkin Sentral Management Sdn Bhd (“LSM”), sebuah syarikat anak milik penuhLarkin Sentral Sdn Bhd (“LSSB”) syarikat anak yang dimiliki penuh oleh Johor Corporation telah menerbitkandan memberikan hak 4 juta 3.5% Saham-saham Keutamaan Yang Boleh Di Tebus Tukar (“SKBTT”)RM1.00 setiap unit kepada Johor Land Construction Sdn Bhd, sebuah syarikat anak milik penuh MengkibolHoldings Sdn Bhd, anak syarikat milik penuh Johor Corporation pada RM1.00 setiap saham.

Pada 29 Mac 2005, LSM selanjutnya menerbitkan dan memberikan hak sebanyak 10 juta 3.5% SKBTTkepada Johor Hotels International Sdn Bhd, sebuah syarikat anak milik penuh Johor Franchise Develop-ment Sdn Bhd, sebuah syarikat milik penuh Johor Corporation.

14. Pada 10 Jun 2005, sebuah syarikat anak Johor Corporation, Sindora Berhad telah menyempurnakanpembelian daripada pihak ketiga sebanyak 490,000 unit saham biasa RM1.00 (“Saham Jualan”)didalam MM Vitaoils Sdn Bhd (“MVSB”) dengan harga belian RM4.00 sesaham (“Harga Belian”)denganharga pertimbangan tunai RM1,960,000 (“Jumlah Belian”) dan langganan sebanyak 1,885,000 sahambiasa baru RM1.00 setiap satu (“Saham Langganan”) di dalam MVSB dengan harga langganan bernilaiRM4.00 sesaham (“Harga Langganan”) dengan harga pertimbangan tunai sebanyak RM7,540,000.

Pelaburan di atas mewakili 35% kepentingan ekuiti di dalam modal saham MVSB yang diperbesarkan.

3232323232 PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN (sambungan)



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15. Pada 14 Jun 2005, Johor Corporation memeterai satu perjanjian pengambilalihan bersyarat denganKumpulan Perubatan (Johor) Sdn Bhd, sebuah syarikat anak KPJ Healthcare Bhd, yang juga adalahsebuah syarikat anak Johor Corporation, berkaitan dengan 6,693,825 unit saham biasa dengannilai Rupiah Indonesia Dua Ribu Tiga Ratus Tiga Puluh Tiga (Rp2,333) setiap satu dan jumlah inimewakili tujuh puluh lima peratus (75%) saham biasa di dalam PT Khasanah Putera Jakarta Medica(“PTKPJM”) dengan harga pertimbangan tunai sebanyak RM6,866,464 dan pengambilalihan liabilitihutang oleh PTKPJM kepada Johor Corporation sebanyak RM4,554,749 (“Jumlah Terhutang”) dibayar secara tunai.

16. Pada 22 April 2005, Johor Corporation telah memeterai perjanjian jual beli dengan Hotel GrandCentral Ltd untuk mengambilalih 6,000,000 saham biasa dan 9,000,000 saham keutamaan mewakili50% daripada saham biasa di dalam Grand Central Enterprise (Johore) Sdn Bhd (“GCE”) denganharga pembelian keseluruhan sebanyak RM18,500,000. Dengan pengambilalihan ini, GCE menjadisyarikat anak milik penuh Johor Corporation.

17. Pada 22 Jun 2005, sebuah syarikat anak Johor Corporation, Sindora Berhad (“SB”) telah memeteraiperjanjian jual beli bersyarat dengan Johor Corporation (“JCorp”) dan Sindora Ventures Sdn Bhd(“SVSB”), sebuah syarikat anak milik penuh Johor Corporation, berkenaan 36,910,978 saham-sahambiasa RM1.00 setiap satu (“Saham”) mewakili 100% saham terbitan berbayar diperbesarkan MakmuranSendirian Berhad (“MSB”), sebuah syarikat anak SVSB, selepas cadangan mempermodalkan semulajumlah terhutang oleh MSB kepada Johor Corporation dan SVSB pada 31 Disember 2004 kepadasaham baru di dalam MSB yang akan diterbitkan pada nilai saksama (“Cadangan Mempermodalkan”),dengan harga pertimbangan tunai sebanyak RM20,000,000 (“Harga Belian”) (“CadanganPengambilalihan”).

Pada tarikh yang sama SB mengumumkan suatu cadangan penerbitan hah-hak “renounceable” sehingga48,000,000 saham baru dalam SB (“Saham Hak”) bersama sehingga RM48,000,000 Waran PercumaBoleh Pisah (“Waran Hak”) atas dasar satu (1) Saham Hak bersama dan satu (1) Waran Hak bagisetiap dua (2) saham sediada yang dipegang di dalam SB (“Cadangan Penerbitan Hak-Hak”).

18. Pada 20 Jun 2005, sebuah syarikat anak Johor Corporation, Kulim (Malaysia) Berhad (“KMB”)memeterai beberapa Perjanjian Jual Beli seperti mana diperincikan di bawah bagi mengambilalih87,542,407 saham biasa RM1.00 (“Saham”) di dalam QSR Brands Berhad (“QSR”) (“Saham Jualan”)dengan keseluruhan harga pertimbangan tunai sebanyak RM280,135,702 (“Harga Jualan”) ataupada harga RM3.20 sesaham. (“Perjanjian Cadangan Pengambilalihan”) daripada penjual-penjualberikut:-

(i) dengan Wisdom Innovative Technology Sdn Bhd yang berkaitan dengan jual beli 48,003,000saham dalam QSR;

(ii) dengan Indexia Assets Limited yang berkaitan dengan jual beli 25,323,607 saham dalam QSR;

(iii) dengan Yates Ventures Limited yang berkaitan dengan jual beli 8,799,600 saham dalam QSR;dan

(iv) dengan Naunton International Limited yang berkaitan dengan jual beli 5,416,200 saham dalamQSR.

Pada 1 Julai 2005, KMB telah menerima suatu injunksi daripada Mahkamah Tinggi Malaya di KualaLumpur, yang menamakan KMB berserta Indexia Assets Limited (“Indexia”), Naunton International Limited(“Naunton”), Yates Ventures Limited (“Yates”) dan UOB Kay Hian Pte Ltd (“UOB Kay Hian”) sebagai defendan.Pihak Plaintif untuk perkara di atas adalah Firstcrest Global Limited (“FGL”), Cogent Management Limited(“CML”), Batemans Capital Limited (“BCL”) dan Eagle Option Sdn Bhd. Arahan mahkamah menghalangIndexia, Naunton, Yates dan UOB Kay Hian daripada melupuskan atau berurusan dengan atau berundingberkaitan penjualan atau mengurangkan nilai setiap saham QSR, kepada sebarang pihak (selain kepadaFGL, CML dan BCL) termasuk KMB.



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18. (sambungan)

Pada 6 Julai 2005, KMB juga memeterai dua perjanjian tambahan dengan Indexia dan Yates untukmeminda terma-terma tertentu pada Perjanjian Prinsipal Indexia dan Yates bagi memastikan pematuhankepada arahan injunksi sementara yang diberikan oleh Mahkamah Tinggi Kuala Lumpur pada 30 Jun2005 atas permintaan Eagle Options Sdn Bhd dan 3 yang lain (“injunksi berkenaan“) yang telahdikemukakan kepada KMB, Indexia, Yates, Naunton dan UOB Kay Hian pada 1 Julai 2005.

Indexia dan Yates sebagai penjual dan KMB telah bersetuju untuk meneruskan penyelesaian untukperkara berikut:-

(i) 19,150,497 saham QSR yang tidak termasuk dalam injunksi dari Indexia pada harga pertimbangantunai RM61,281,590 atau RM3.20 sesaham; dan

(ii) 656,200 saham QSR yang tidak termasuk dalam injunksi dari Yates pada harga pertimbangantunai RM2,099,840 atau pada RM3.20 sesaham.

(Secara kumpulan “Saham QSR yang tidak diinjunksi”)

KMB telah menerima nasihat perundangan bahawa saham QSR yang tidak diinjunksi adalah tidaktertakluk kepada injunksi tersebut.

Pada 15 Julai 2005, KMB mengumumkan bahawa pada 13 Julai 2005 persetujuan telah dicapaidengan Wisdom Innovative Technology Sdn Bhd (“Wisdom”) dan Naunton International Limited(“Naunton”) melalui surat-surat bagi meminda klausa 6.1 Perjanjian Jualbeli bertarikh 20 Jun 2005yang telah dimeterai di antara KMB dan Wisdom (“Perjanjian Wisdom”) dan di antara KMB danNaunton (“Perjanjian Naunton “) untuk menyatakan bahawa penyelesaian Perjanjian Wisdom danNaunton tidak akan menjadi syarat kepada penyelesaian Perjanjian Jual Beli bertarikh 20 Jun 2005yang dimeterai di antara KMB dan Yates dan di antara KMB dan Indexia. Walaubagaimanapun,Perjanjian Naunton masih bersyarat sehingga Perjanjian Wisdom selesai.

Pada 22 Julai 2005, Mahkamah Tinggi Malaya di Kuala Lumpur (“Mahkamah Tinggi”) tidak melanjutkantempoh injunksi yang diumumkan pada 1 Julai 2005. Pada tarikh yang sama Mahkamah Tinggi jugamenolak permohonan daripada Chain Valley Management Limited (“CVM”) dan Eagle Option Sdn Bhduntuk mengambil injunksi interim menahan defendan iaitu KMB, Indexia dan UOB Kay Hian, melupuskanatau berurusan atau berunding untuk pelupusan atau pengurangan nilai dari mana-mana 9,557,900saham QSR yang telah dijual kepada CVM oleh Indexia.

KMB juga telah memeterai perjanjian tambahan dengan Naunton pada tarikh yang sama (“PerjanjianTambahan”) untuk meminda terma-terma tertentu yang terkandung di dalam Perjanjian Jual Belibertarikh 20 Jun 2005 yang dimeterai di antara KMB dan Naunton untuk pembelian 5,416,000 unitsaham biasa pada harga RM1.00 sesaham (“Saham”) dalam QSR (“Perjanjian Prinsipal Naunton”)sebagaimana yang terkandung di dalam surat bertarikh 13 Julai 2005.

19. Sebuah syarikat bersekutu, Damansara Realty Bhd (“DRB”) mengumumkan pada 5 Julai 2005, iaitusebuah syarikat anak milik penuhnya, Tanjung Tuan Hotel Sdn Bhd, telah diberikan hak pengurusansebuah hotel yang beroperasi di P.N.5 Lot 5628, Mukim Si Rusa, daerah Port Dickson, NegeriSembilan Darul Khusus oleh Mahkamah Tinggi pada 1 Julai 2005 dengan nama The Regency Hotel& Resort (“Hotel”). Hotel tersebut telah dinamakan semula sebagai Selesa Beach Resort, Port Dickson.



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32 PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN 32 PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN 32 PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN 32 PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN 32 PERISTIWA-PERISTIWA PENTING SEMASA DAN SELEPAS AKHIR TAHUN (sambungan)

20. (i) Dalam bulan Januari 2000, Damansara Town Centre Sdn Bhd (“DTCSB”), syarikat yangdimiliki sepenuhnya oleh syarikat bersekutu Johor Corporation, Damansara Realty Berhad(DBhd”) telah menerbitkan 237 juta unit Saham Keutamaan Kumulatif Yang Boleh TebusBoleh Tukar ‘A’ (RCCPS ‘A’) dengan pulangan dividen bersih 9 peratus yang perlu dibayarsetiap enam bulan bermula Julai 2000. Pada masa yang sama DTCSB juga telah menerbitkan400 juta RCCPS ‘B’ tanpa sebarang dividen.

(ii) Johor Corporation telah melanggan sejumlah 187 juta unit RCCPS ‘A’ dan 50 juta lagi dilangganoleh Malaysia National Insurance Berhad (“MNI”).

(iii) Johor Corporation kemudian menjual 10 juta unit RCCPS ‘A’ kepada Archipelago Fund pada 10Julai 2000 dan dengan itu mengurangkan pegangannya kepada 177 juta unit.

(iv) Pada 19 Disember 2003, Johor Corporation menukarkan kesemua 177 juta unit RCCPS ‘A’ yangdilanggannya kepada saham biasa DTCSB pada nilai saksama RM1.00 sesaham.

(v) Pada masa yang sama, kesemua 400.0 juta unit RCCPS ‘B’ yang dilanggan oleh Johor CityDevelopment Sdn Bhd (“JCD”) juga telah ditukar kepada saham biasa pada nilai saksama RM1.00seunit. Saham tersebut di pindahkan kepada Johor Corporation sebagai sebahagian penyelesaianhutang JCD kepada Johor Corporation.

(vi) Dengan penukaran RCCPS ‘A’ dan RCCPS ‘B’ bersama-sama dengan pembelian baki 100,000 unit saham DTCSB daripada DBhd, DTCSB menjadi syarikat anak milik penuh Johor Corpora

tion dengan pegangan 577.1 juta saham pada nilai saksama RM1.00 sesaham.

(vii) Pembayaran dividen untuk RCCPS ‘A’ hanya telah di istiharkan sebanyak dua kali iaitu padaJulai 2000 dan Januari 2001. Dividen terakru yang perlu dibayar oleh DTCSB sehinggatarikh matangnya pada 5 Januari 2005 berjumlah RM61.43 juta (RM43.43 juta kepadaJohor Corporation dan RM18.00 juta kepada MNI).

(viii) Johor Corporation juga telah mengambilalih 10 juta unit RCCPS ‘A’ dengan nilai RM10 jutadahulunya dilanggan oleh Archipelago Fund apabila ianya dibubarkan pada Oktober 2004. Dividenterakru yang perlu dibayar oleh DTCSB kepada Johor Corporation berjumlah RM43.43 juta danbersama RM10.0 juta prinsipal berjumlah RM53.43 juta. Kementerian Kewangan telah bersetujuuntuk membenarkan Johor Corporation membeli 53.43 juta unit RCCPS “baru” yang akanditerbitkan oleh DTCSB pada harga RM1.00 seunit dinilaikan pada RM53.43 juta dengan kadardividen 5% setahun dan untuk menyelesaikan pembelian tersebut melalui kontra hutang DTCSBdengan Johor Corporation berjumlah RM53.43 juta.

(ix) Pada 5 Januari 2005, DTCSB telah membayar RM10 juta kepada MNI dan baki yang perludibayar adalah sebanyak RM58 juta. MNI melalui suratnya bertarikh 30 Mac 2005 mengusulkancadangan untuk pembayaran baki tersebut melalui kemudahan Al Bai’ Bithaman Ajil (ABBA).Kedua-dua pihak sedang di dalam perundingan mengenai syarat-syarat dan terma-terma tersebut.

21. Pada 11Julai 2005, Johor Corporation telah menandatangani suatu hujah wakaf dimana Johor Cor-poration mewakafkan keseluruhan 225,000 unit saham yang mewakili 75 peratus kepentingan dalamTiram Travel Sdn Bhd (“TTSB”), syarikat anak kepada Kumpulan Penambang (Johor) Sdn Bhd (“KPSB”),syarikat anak yang dimiliki sepenuhnya oleh Johor Corporation kepada Majlis Agama Islam NegeriJohor (MAIJ) pada nilai RM260,568.

Di dalam hujah berkenaan, 100% keuntungan daripada saham di TTSB yang diwakafkan akandibahagikan 70% kepada Johor Corporation, 25% kepada Waqaf An-Nur Berhad dan 5% kepadaMajlis Agama Islam Negeri Johor. Bahagian 70% kepada Johor Corporation sekiranya dilaburkanmaka keuntungan yang diperolehi daripadanya akan disumbangkan mengikut pertimbangan dankebijaksanaan pihak pengurusan Waqaf An-Nur Berhad.



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22. Sebuah syarikat anak kepada Johor Capital Holdings Sdn Bhd, syarikat anak milik penuh Johor Corporation,PJB Capital Sdn Bhd telah menerima Notis Tuntutan Hutang daripada pihak ketiga selepas akhir tahunbagi menuntut bayaran penuh atas bakinya yang masih tertunggak sebanyak RM21,506,554. Syarikatanak tersebut telah menghantar cadangan penyelesaian yang terdiri daripada perkara-perkara berikut:

(a) permohonan bagi pengecualian prinsipal sebanyak RM11,341,456;

(b) pindahan 30% ekuiti dalam pelaburan tidak tersiar harga bernilai RM8,702,355 oleh Johor Ventures Sdn Bhd., sebuah syarikat anak yang dimiliki sepenuhnya oleh Johor Corporation;

(c) penolakan sebanyak RM462,742 yang merupakan dividen yang belum dibayar kepada JohorCorporation, perbadanan induk utama (“set off”); dan

(d) bayaran tunai sebanyak RM1,000,000.

Para pengarah syarikat anak tersebut berpendapat bahawa perkara-perkara di atas akan dapatdirundingkan dan diselesaikan dengan persetujuan oleh kedua belah pihak.

23. Pada 15 Julai 2005, sebuah syarikat milik penuh Johor Corporation, Johor Capital Holdings Sdn Bhdtelah melupuskan sebuah syarikat anaknya, PJB Pacific Securities (Phils.) Inc. kepada pihak ketigadengan harga pertimbangan sebanyak Pesos 200,000.

24. Pada 14 Februari 2005, Johor Corporation memeterai suatu perjanjian Jual Beli dengan pihak ketigauntuk melupuskan dan memindahmilik sebahagian daripada Lot 436 CT 1965 Mukim Tebrau, DaerahJohor Bahru dengan keluasan kira-kira 6.968 ekar dengan harga pertimbangan sebanyak RM6,070,522.Johor Corporation telah menerima keseluruhan bayaran tersebut.

25. Pada 22 Mei 2005, Johor Corporation memeterai perjanjian jual beli dengan pihak ketiga untukmelupuskan dan memindahmilik PTD 64721 dan PTD 64722 dalam Mukim Kluang, Daerah Kluang,Johor dengan keluasan kira-kira 160 ekar dengan harga pertimbangan sebanyak RM26,484,480.

Bayaran 10% daripada harga jualan telah diterima oleh Johor Corporation.

26. Pada 12 Julai 2005, sebuah syarikat anak Johor Corporation, Kulim (M) Berhad melalui syarikat yangdimiliki sepenuhnya, Kulim Limited (UK) telah melupuskan keseluruhan pegangan sahamnya sebanyak2, 887,103 unit mewakili 5.1% kepentingan ekuiti di dalam M.P. Evans Group PLC dengan hargapertimbangan tunai Pound Sterling 1.97 sesaham atau jumlah penyelesaian bersih sebanyak 5,659,000Pound Sterling.

27. Pada 22 Julai 2005, Johor Corporation mengambilalih 160,000 unit saham biasa pada harga RM1.00sesaham dalam Tepak Marketing Sdn Bhd, sebuah syarikat anak Sindora Berhad, yang juga syarikatanak Johor Corporation pada harga pertimbangan tunai berjumlah RM676,800 atau RM4.23 sesaham.

28. Pada 27 Julai 2005, sebuah syarikat anak Johor Corporation, Sindora Berhad (“SB”) mengumumkanbahawa syarikat telah menerima tawaran daripada pihak ketiga bagi jualan 1,100,000 unit sahambiasa RM1.00 sesaham yang mewakili 55% kepentingan ekuiti dalam syarikat anaknya, JMF AssetManagement Sdn Bhd (“JMF”) pada RM4.00 sesaham untuk jumlah harga pertimbangan tunai sebanyakRM4,400,000. Setelah penjualan tersebut selesai, JMF tidak lagi menjadi syarikat anak SB tetapisebagai syarikat bersekutunya.

29. Pada 28 Julai 2005, Kumpulan Perubatan (Johor) Sdn Bhd (“KPJSB”) syarikat anak milik penuh KPJHealthcare Bhd, sebuah syarikat anak Johor Corporation, memeterai Memorandum Persefahamandengan Nichinan Corporation (M) Sdn Bhd. Ini adalah berkaitan dengan cadangan perlantikanHealthcare Technical Services Sdn Bhd, yang merupakan sebuah syarikat anak KPJSB sebagai PengurusProjek untuk pembinaan sebuah hospital pakar di atas sebidang tanah di Lot 1684 Grant 51787Mukim Pulai, Johor.



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Senarai Utama Syarikat-Syarikat Anak Dan Syarikat-Syarikat Bersekutu

% Kepentingan KumpulanNegara Dis Dis

Nama Syarikat Kegiatan utama Ditubuhkan 2004 2003

IIIII BISNES ASASBISNES ASASBISNES ASASBISNES ASASBISNES ASAS

AAAAA MINYAK SAWITMINYAK SAWITMINYAK SAWITMINYAK SAWITMINYAK SAWIT

SYARIKAT AKTIFSYARIKAT AKTIFSYARIKAT AKTIFSYARIKAT AKTIFSYARIKAT AKTIF

Kulim (Malaysia) Berhad # Syarikat Induk, pengilangan Malaysia 58.97 52.18 dan perladangan kelapa sawit

EPA Management Sdn Bhd Syarikat Induk dan pengurusan Malaysia 58.97 100.00 ladang

Kumpulan Bertam Plantations Berhad Perladangan kelapa sawit Malaysia 55.63 72.96Kumpulan Penambang (Johor) Sdn Bhd Syarikat induk dan Malaysia 100.00 100.00

perladangan kelapa sawitJohor Foods Sdn Bhd Syarikat Induk dan Malaysia 100.00 100.00

perladangan kelapa sawitJohor Franchise Development Sdn Bhd Syarikat Induk dan Malaysia 100.00 100.00

perladangan kelapa sawitSelai Sdn Bhd Perladangan kelapa sawit Malaysia 58.97 52.18Dubois Natural Esters Sdn Bhd Pengilangan esters Malaysia 29.64 26.22KMC Packaging Sdn Bhd Pengeluar tin logam Malaysia 29.49 26.09Kulim Plantations (Malaysia) Sdn Bhd Perladangan kelapa sawit Malaysia 58.97 52.18Skellerup Industries (Malaysia) Sdn Bhd Syarikat Induk dan pengilangan Malaysia 58.97 52.18

barangan getahSkellerup Latex Products (M) Sdn Bhd Pengilangan asas barangan getah Malaysia 58.97 52.18

(sarung tangan getah)Mahamurni Plantations Sdn Bhd Perladangan kelapa sawit dan Malaysia 58.97 52.18

getahUnited Malayan Agricultural Perladangan kelapa sawit Malaysia 58.97 52.18 Corporation BhdNatural Oleochemicals Sdn Bhd Pengilangan dan pengeksport Malaysia 53.89 47.68

oleochemicalPristine Bay Sdn Bhd Syarikat Induk Malaysia 79.07 75.61PT Graha Cakra Mulia Perladangan kelapa sawit Indonesia 53.00 70.00PT Harapan Hibrida Kalbar Perladangan kelapa sawit Indonesia 50.12 85.00PT Padang Bolak Jaya Perladangan kelapa sawit Indonesia 58.97 31.31PT Selanok Ladang Mas Perladangan kelapa sawit Indonesia 58.97 90.44PT Multrada Multi Maju Perladangan kelapa sawit Indonesia 58.97 31.31PT Trimurti Sumber Tama Perladangan kelapa sawit Indonesia 41.28 70.00PT Trimitra Sumberperkasa Perladangan kelapa sawit Indonesia 42.00 51.00PT Sumber Mahardhika Graha Perladangan kelapa sawit Indonesia 56.00 70.00Dami Australia Pty Ltd Penyelidikan dan pembangunan Australia 47.18 31.31

biji sawit premiumKurumul Plantations Limited Perladangan teh dan kopi Papua New Guinea 100.00 100.00Panquest Ventures Limited (BVI) Syarikat Induk dan pengurusan Britain Virgin 58.97 100.00

ladang IslandKulim Limited Syarikat induk United Kingdom 58.97 52.18New Britain Palm Oil Ltd Perladangan kelapa sawit dan kopi Papua New Guinea 47.18 31.31New Britain Nominees Limited Syarikat Nominee Papua New Guinea 47.18 31.31Pembangunan Mahamurni Sdn Bhd Syarikat induk Malaysia 58.97 52.18Natural Soaps Sdn Bhd Pengeluar ‘soap noodles’ dan Malaysia 53.89 47.68

‘detergent’Edaran Badang Sdn Bhd Pengedar jentera ‘Badang’ Malaysia 58.97 100.00Capital Stockbrokers Limited Tidak aktif Papua New Guinea 47.18 31.31Capital Nominees Limited Syarikat Nominee Papua New Guinea 47.18 31.31


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A MINYAK SAWIT A MINYAK SAWIT A MINYAK SAWIT A MINYAK SAWIT A MINYAK SAWIT (sambungan)

SYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIF

Skellerup Foam Products (M) Sdn Bhd Pengilangan barangan asas Malaysia 58.97 52.18 getah (alas permaidani)

Marenban Limited Penanaman teh dan kopi Papua New Guinea 100.00 100.00Agricultural and Industrial Machinery Pemasangan dan penjualan Malaysia - 100.00 Sdn Bhd jentera ‘Badang’

SYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASI

EPA Futures Sdn Bhd Broker komoditi Malaysia 58.97 75.61Kulim Topplant Sdn Bhd (Dahulunya Pemprosesan isirung kelapa sawit Malaysia 58.97 52.18 dikenali sebagai Flovent Sdn Bhd)Ulu Tiram Manufacturing Company Pemprosesan barangan Malaysia 58.97 52.18 (Malaysia) Sdn Bhd berasaskan getah dan

perladangan kelapa sawitVibrant Hectares Sdn Bhd Pemprosesan isirung kelapa sawit Malaysia 100.00 100.00Warrent Plantations (Mt. Hagen Ltd) Perladangan teh dan kopi Papua New Guinea 100.00 100.00

SYARIKAT DI DALAM PROSES PEMBUBARANSYARIKAT DI DALAM PROSES PEMBUBARANSYARIKAT DI DALAM PROSES PEMBUBARANSYARIKAT DI DALAM PROSES PEMBUBARANSYARIKAT DI DALAM PROSES PEMBUBARAN

Skellerup Polymer Products Sdn Pengeluar barangan berasaskan Malaysia 58.97 52.18 Bhd polimerMatthes & Porton B.V Broker komoditi Netherlands - 100.00

BBBBB PRISIHATINPRISIHATINPRISIHATINPRISIHATINPRISIHATIN


KPJ Healthcare Berhad # Syarikat induk Malaysia 74.04 76.37Kumpulan Perubatan (Johor) Sdn Bhd Syarikat induk dan pengurusan Malaysia 74.04 76.37

hospital pakarMedical Centre (Johore) Sdn Bhd Hospital pakar Malaysia 74.04 74.11Medical Supplies (Sarawak) Sdn Bhd Pengedar dan pemasaran Malaysia 55.53 57.28

barangan farmasiKuantan Specialist Hospital Sdn Bhd Hospital pakar Malaysia 54.84 53.91Lablink (M) Sdn Bhd Perkhidmatan makmal dan patalogi Malaysia 44.47 45.82Puteri Specialist Hospital Sdn Bhd Hospital pakar Malaysia 74.04 76.37Medical Associates Sdn Bhd Hospital pakar Malaysia 72.88 75.18Johor Specialist Hospital Sdn Bhd Hospital pakar Malaysia 74.04 76.37Renalcare Perubatan (M) Sdn Bhd Perkhidmatan hemodialisis Malaysia 74.04 76.37Kedah Medical Centre Sdn Bhd Hospital pakar Malaysia 33.80 34.82Puteri Nursing College Sdn Bhd Kolej jururawat Malaysia 74.04 76.37Hospital Penawar Sdn Bhd Hospital pakar Malaysia 22.21 22.91Tawakal Holdings Sdn Bhd Syarikat induk Malaysia 74.04 76.37Pusat Pakar Tawakal Sdn Bhd Hospital pakar Malaysia 74.04 76.37Healthcare Technical Services Sdn Bhd Pengurusan hospital Malaysia 74.04 76.37Damansara Specialist Hospital Sdn Bhd Hospital pakar Malaysia 74.04 76.37F.P Marketing (S) Ptd Ltd Pengedar barangan farmasi Singapura 74.04 76.37Bukit Mertajam Specialist Hospital Hospital pakar Malaysia 51.83 53.46 Sdn BhdPusat Pakar Darul Naim Sdn Bhd Hospital pakar Malaysia 44.42 45.82Pharmaserv Alliances Sdn Bhd Pengedar barangan farmasi Malaysia 74.04 76.37PT Selasih Husada Pratama Hospital pakar Indonesia 61.64 61.64PT Khidmat Perawatan Jasa Medika Hospital pakar Indonesia 100.00 100.00



laporan kewangan



BBBBB PRISIHATIN (sambungan)PRISIHATIN (sambungan)PRISIHATIN (sambungan)PRISIHATIN (sambungan)PRISIHATIN (sambungan)

SYARIKAT AKTIF (sambungan)SYARIKAT AKTIF (sambungan)SYARIKAT AKTIF (sambungan)SYARIKAT AKTIF (sambungan)SYARIKAT AKTIF (sambungan)

Puteri Healthcare Sdn Bhd A&E dan khidmat rawatan Malaysia 46.89 45.82 pesakit luar

Diaper Technology Industries Sdn Bhd Pengeluar lampin bayi Malaysia 69.41 71.59


Malaysian Institute of Healthcare Institut pengurusan penjagaan Malaysia 55.52 57.26 Management Sdn Bhd kesihatanSeremban Specialist Hospital Sdn Bhd Hospital pakar Malaysia 40.72 42.00Pharmacare Surgical Technologies Pengeluar benang ‘Surgical’ Malaysia 74.03 76.35 Sdn BhdMaharani Specialist Hospital Sdn Bhd Hospital pakar Malaysia 74.04 76.37Bayan Baru Specialist Hospital Sdn Bhd Hospital pakar Malaysia 40.71 42.00PT Khasanah Putera Jakarta Medica Hospital pakar Indonesia 87.00 75.00


Freewell Sdn Bhd Pengeluar tuala pelekat wanita Malaysia 59.22 61.09Nespomas Sdn Bhd Pembekal barangan farmasi Malaysia 74.04 76.37

SYARIKAT DALAM PROSES PEMBUBARANSYARIKAT DALAM PROSES PEMBUBARANSYARIKAT DALAM PROSES PEMBUBARANSYARIKAT DALAM PROSES PEMBUBARANSYARIKAT DALAM PROSES PEMBUBARAN

Ipoh Radiotherapy Sdn Bhd Perkhidmatan radioterapi Malaysia 72.88 75.18

CCCCC PEMBANGUNAN HARTANAHPEMBANGUNAN HARTANAHPEMBANGUNAN HARTANAHPEMBANGUNAN HARTANAHPEMBANGUNAN HARTANAH


Johor Land Berhad # Pemaju hartanah Malaysia 57.56 40.53Damansara Realty Berhad # Pemegang pelaburan Malaysia 21.79 21.71Advance Development Sdn Bhd Pemaju perumahan Malaysia 57.56 40.53Saint Gobain Terreal (Malaysia) Sdn Bhd Pengeluar genting tanah liat Malaysia 20.15 14.19Revertex (Malaysia) Sdn Bhd Pemprosesan barangan Malaysia 17.31 12.19

berasaskan getah dan kimiaSYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIFSYARIKAT TIDAK AKTIF

Mengkibol Holdings Sdn Bhd Pemegang pelaburan Malaysia 100.00 100.00Johor Land (H) Sdn Bhd Syarikat Induk Malaysia 100.00 100.00


Pembinaan Prefab Sdn Bhd Pembinaan dan pengeluar Malaysia 57.56 40.53 konkrit siap bancuh

Johor Land Constructions Sdn Bhd Tidak aktif Malaysia 100.00 100.00



laporan kewangan



DDDDD PERKAYUAN/INTRAPRENEUR VENTUREPERKAYUAN/INTRAPRENEUR VENTUREPERKAYUAN/INTRAPRENEUR VENTUREPERKAYUAN/INTRAPRENEUR VENTUREPERKAYUAN/INTRAPRENEUR VENTURE


Sindora Berhad # Pemegang pelaburan, pembalakan, Malaysia 61.45 60.68pemprosesan kayu, perladangan kelapa sawit dan getah dan ‘Intrapreneur Venture’

Sindora Ventures Sdn Bhd Pemegang pelaburan Malaysia 100.00 100.00Sindora Nusantara Sdn Bhd Pemegang pelaburan Malaysia 100.00 100.00Sindora Wood Products Sdn Bhd Pengeluaran dan perniagaan Malaysia 61.45 60.68

produk perkayuanSindora Timber Sdn Bhd Pengeluaran perabot Malaysia 61.45 60.68 (Dahulunya Sindora Furniture Sdn Bhd)Makmuran Sendirian Bhd Pemegang pelaburan dan Malaysia 100.00 100.00

pembalakanMakmuran Sawmill Sdn Bhd Pemprosesan kayu bergergaji Malaysia 100.00 100.00Grand Patriot Sdn Bhd Pemegang pelaburan Malaysia 100.00 100.00PT Andalas Lumber Products Pemprosesan keluaran kayu Indonesia 60.00 60.00PT Khage Lestari Timber Pemprosesan keluaran kayu Indonesia 51.00 51.00Sindora Trading Sdn Bhd Pemasaran perabut dan produk Malaysia 61.45 60.68

perkayuanSindora Development Sdn Bhd Pemaju hartanah dan Malaysia 61.45 60.68

Kontraktor pembalakanWillis (Malaysia) Sdn Bhd Broker Insuran Malaysia 39.58 39.27Pro-Office Bulk Mailing Sdn Bhd Perkhidmatan penghantaran Malaysia 60.19 70.51

surat secara pukalTepak Marketing Sdn Bhd Memproses dan pemasaran teh Malaysia 51.09 50.51JMF Asset Management Sdn Bhd Pengurusan portfolio dan Malaysia 46.09 45.51

perkhidmatan PenajajaminJMF Capital Sdn Bhd Khidmat nasihat pelaburan Malaysia 46.09 45.51

KewanganJMF Nominees (Tempatan) Sdn Bhd Syarikat Nomini Malaysia 46.09 45.51Metro Parking (M) Sdn Bhd Perkhidmatan meletak kereta Malaysia 50.27 90.00Metro Parking (S) Pte Ltd Perkhidmatan meletak kereta Singapore 38.70 63.00Metro Parking (B) Sdn Bhd Perkhidmatan meletak kereta Brunei 50.27 90.00Metro Parking Management Perkhidmatan meletak kereta Philippines 50.27 90.00 (Philippines) Inc.Metro Equipment Systems (M) Sdn Bhd Pembekal peralatan meletak kereta Malaysia 47.75 90.00PT Metro Penata Sarana Perkhidmatan meletak kereta Indonesia 30.16 54.00


Sindora Holdings (Johor) Sdn Bhd Pemegang pelaburan Malaysia 100.00 100.00PT Citra Sanjaya Pemegang pelaburan Indonesia 100.00 100.00JMF Margin Sdn Bhd Tidak aktif Malaysia 46.09 45.51


Sindora Timber Products Sdn Bhd Pengeluar kayu beruti lapis Malaysia 61.45 60.68Makmuran Veneer & Plywood Sdn Bhd Pengeluar veneer Malaysia 100.00 100.00D.I.M.A. Sdn Bhd Perkhidmatan kontraktor Malaysia 100.00 100.00

pengangkutan pembalakanKiras Sdn Bhd Kontraktor pembalakan Malaysia 100.00 100.00Mahin Sdn Bhd Pemprosesan kayu bergergaji Malaysia 100.00 100.00PT Pelita Hartajaya Pembalakan dan pemprosesan Indonesia 100.00 100.00

kayu



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I II II II II I PERKHIDMATAN KORPORATPERKHIDMATAN KORPORATPERKHIDMATAN KORPORATPERKHIDMATAN KORPORATPERKHIDMATAN KORPORAT

AAAAA PERKHIDMATAN MODALPERKHIDMATAN MODALPERKHIDMATAN MODALPERKHIDMATAN MODALPERKHIDMATAN MODAL


Johor Capital Holdings Sdn Bhd Syarikat Induk Malaysia 100.00 100.00Johor Ventures Sdn Bhd Syarikat pelaburan Malaysia 100.00 100.00PT PJB Pacific Capital Akaun Amanah Indonesia 100.00 80.00PT Johor Panca Agro Sewa ruang pejabat Indonesia 95.00 95.00


PJB Capital Sdn Bhd Pengurusan portfolio Malaysia 100.00 100.00PJB Pacific Securities (Phil) Inc. Broker saham Filipina 81.00 81.00PJB Pacific Capital (L) Berhad Kewangan koporat, Labuan 75.00 75.00

pembrokeran penyelidikan dan pengurusan data


Australian Gold Field N.L Carigali emas Australia 27.73 27.73

SYARIKAT YANG DIGUGURKAN PENDAFTARAN SYARIKATSYARIKAT YANG DIGUGURKAN PENDAFTARAN SYARIKATSYARIKAT YANG DIGUGURKAN PENDAFTARAN SYARIKATSYARIKAT YANG DIGUGURKAN PENDAFTARAN SYARIKATSYARIKAT YANG DIGUGURKAN PENDAFTARAN SYARIKAT

PJB Pacific Securities (Hong Kong) Agen broker saham Hong Kong ----- 100.00 Limited

BBBBB UNIT AMANAHUNIT AMANAHUNIT AMANAHUNIT AMANAHUNIT AMANAH


Pelaburan Johor Berhad Pengurusan Amanah Saham Malaysia 100.00 100.00 Johor dan Dana Johor

CCCCC PENGANGKUTANPENGANGKUTANPENGANGKUTANPENGANGKUTANPENGANGKUTAN


SPMB Holdings Sdn Bhd Syarikat Induk pelaburan Malaysia 100.00 100.00Syarikat Pengangkutan Maju Bhd Syarikat Induk dan Malaysia 98.27 98.27

perkhidmatan basPenawar Express Line Berhad Perkhidmatan bas Malaysia 98.27 98.27M Perkasa Services Sdn Bhd Perkhidmatan pengurusan Malaysia 100.00 100.00 (Dahulu Hosni Management Services Sdn Bhd)


Pasir Gudang Container Terminal Tidak aktif Malaysia 78.62 78.62 Sdn BhdTechnical Edge Sdn Bhd Pengedar alat-alat ganti Malaysia 74.00 74.00

kenderaanSyarikat Pengangkutan Dan Perkhidmatan bas Malaysia 66.42 66.42 Perniagaan ‘Am Melayu Sdn Bhd



laporan kewangan



CCCCC PENGANGKUTAN PENGANGKUTAN PENGANGKUTAN PENGANGKUTAN PENGANGKUTAN (sambungan)(sambungan)(sambungan)(sambungan)(sambungan)

SYARIKAT DI BERHENTIKAN OPERASISYARIKAT DI BERHENTIKAN OPERASISYARIKAT DI BERHENTIKAN OPERASISYARIKAT DI BERHENTIKAN OPERASISYARIKAT DI BERHENTIKAN OPERASI

LY Technologies (M) Sdn Bhd Pemasaran badan bas dan Malaysia 51.00 51.00 alat ganti


Buat Niaga Sdn Bhd Syarikat Induk Pelaburan Malaysia 100.00 100.00

DDDDD PENGURUSAN HARTA & PENGURUSAN PROJEKPENGURUSAN HARTA & PENGURUSAN PROJEKPENGURUSAN HARTA & PENGURUSAN PROJEKPENGURUSAN HARTA & PENGURUSAN PROJEKPENGURUSAN HARTA & PENGURUSAN PROJEK


Harta Consult Sdn Bhd Pengurusan hartanah Malaysia 100.00 100.00Damansara-Harta Management Pengurusan kompleks Malaysia 100.00 99.99 Sdn BhdTotal Project Management Sdn Bhd Pengurusan hartanah Malaysia 100.00 100.00TPM Technopark Sdn Bhd Pembangunan tanah industri Malaysia 100.00 100.00Larkin Sentral Sdn Bhd Kontraktor dan pengurusan Malaysia 100.00 100.00

hartanahLarkin Sentral Management Sdn Bhd Pengurusan harta Malaysia 100.00 100.00Damansara Town Centre Sdn Bhd Pengurusan harta Malaysia 100.00 99.98Persada Antarabangsa (Johor) Sdn Bhd Pengurusan Pusat Konvensyen Malaysia 100.00 100.00 (Dahulunya Johor Asphalt Trading Sdn Bhd)


Pesona Nursery Sdn Bhd Tapak semaian (ladang) Malaysia 100.00 100.00TPM Management Sdn Bhd Perkhidmatan teknikal projek Malaysia 100.00 100.00

EEEEE PEMBANGUNAN HARTANAH, PERHOTELAN & RESORTPEMBANGUNAN HARTANAH, PERHOTELAN & RESORTPEMBANGUNAN HARTANAH, PERHOTELAN & RESORTPEMBANGUNAN HARTANAH, PERHOTELAN & RESORTPEMBANGUNAN HARTANAH, PERHOTELAN & RESORT


Johor City Development Sdn Bhd Pembangunan semula bandar Malaysia 100.00 100.00JSEDC Properties Sdn Bhd Pembangunan hartanah Malaysia 100.00 100.00Tanjung Langsat Port Sdn Bhd Pelabuhan petro-kimia Malaysia 95.24 100.00Grand Central Enterprises (Johore) Perhotelan Malaysia 50.00 50.00 Sdn BhdPuteri Hotels Sdn Bhd Perhotelan Malaysia 100.00 100.00Hotel Selesa Sdn Bhd Perhotelan Malaysia 100.00 100.00Sibu Island Resorts Sdn Bhd Pengurusan pulau peranginan Malaysia 100.00 100.00Bertam Properties Sdn Bhd Pengurusan ladang Malaysia 20.00 20.00Penang Golf Resort Sdn Bhd Pengurusan padang golf Malaysia 20.00 20.00Bertam Golf Management & Services Pengurusan tapak semaian

dan landskap Malaysia 20.00 20.00BP Plantation Sdn Bhd Perladangan kelapa sawit Malaysia 20.00 20.00


Johor Hotels International Sdn Bhd Syarikat induk Malaysia 100.00 100.00Pagoh Highlands Resort Sdn Bhd Tidak aktif Malaysia 60.00 60.00Bandar Baru Majidee Development Pembangunan hartanah Malaysia 100.00 100.00 Sdn BhdMutiara Golf Properties Sdn Bhd Tidak aktif Malaysia 20.00 20.00



laporan kewangan



FFFFF BISNES PEMBANGUNAN PERINDUSTRIANBISNES PEMBANGUNAN PERINDUSTRIANBISNES PEMBANGUNAN PERINDUSTRIANBISNES PEMBANGUNAN PERINDUSTRIANBISNES PEMBANGUNAN PERINDUSTRIAN

PT Padang Industrial Park Pembangunan tanah industri Indonesia 55.00 55.00

GGGGG LAIN-LAINLAIN-LAINLAIN-LAINLAIN-LAINLAIN-LAIN


Johor Skills Development Centre Pusat latihan industri Malaysia 100.00 100.00 Sdn BhdUnion Industries Sdn Bhd Pengeluar tingkap dan kereta Malaysia 23.08 23.08

sorongTenaga Utama (Johor) Berhad Pelaburan portfolio Malaysia 69.76 69.76Lek Consolidated Bhd Pengeluar ‘Brake plate’ Malaysia 30.00 30.00Pacific Forest Industries Sdn Bhd Industri pembalakan Malaysia 20.00 20.00Palley Investments Limited Pemegang pelaburan British Virgin Island 100.00 -Paracorp (M) Bhd Pengeluaran Komponen Elektrik Malaysia 3.50 3.50Bennes Engineering Sdn Bhd Kejuruteraan Am Malaysia 10.98 10.98Pro Corporate Management Services Pendaftar Saham Malaysia 100.00 100.00 Sdn Bhd (Dahulunya Phoenix Synergy (M) Sdn Bhd)Wonderful Wire & Cable Sdn Bhd Pengeluaran Kabel Elektronik Malaysia 3.33 1.50


Johor Paper & Publishing Sdn Bhd Syarikat Induk Malaysia 100.00 100.00Ticom Trading Sdn Bhd Tidak aktif Malaysia 23.08 23.08Johor Toys Sdn Bhd Tidak aktif Malaysia 86.24 86.24Permodalan Teras Sdn Bhd (Dahulu Tidak aktif Malaysia 100.00 100.00 dikenali sebagai Pulau Nenas Sdn Bhd)PJB IT Research Sdn Bhd Tidak aktif Malaysia 100.00 100.00T.T. Nusa Sdn Bhd Syarikat Induk Malaysia 100.00 100.00DPIM Consult Sdn Bhd Perunding pengurusan Malaysia 76.37 76.37 (Formerly known as Tesbuild (M) Sdn Bhd)Asia Pacific Food Traders Sdn Bhd Perniagaan barangan daging Malaysia 51.00 51.00Kumpulan Sukan Sdn Bhd Operasi sukan dan riadah Malaysia 100.00 100.00


PT PharmaCARE Medicine Shoppe Francais Farmasi Indonesia 95.85 96.22Paper Automation Sdn Bhd Pemotongan, pemasaran dan Malaysia 93.58 93.58

pengeluaran kertas tanpa karbonAsia Pacific Seafoods Pte Ltd Pemasaran hasil keluaran laut Singapura 100.00 100.00East Asian Marine Foods Sdn Bhd Pemprosesan, pemasaran dan Malaysia 100.00 100.00

pengedar makanan lautMeatpackers Sdn Bhd Pemasaran hasil keluaran daging Malaysia 99.00 99.00Johor Deer Farm Sdn Bhd Penternakan rusa Malaysia 100.00 100.00Meatpackers (A) Pty Ltd Pemasaran hasil keluaran daging Australia 40.00 40.00Saujana Jaya Sdn Bhd Pemprosesan santan kelapa Malaysia 100.00 100.00Johorcraft Sdn Bhd Pengeluar seramik dan Malaysia 100.00 100.00

pemasaran kraftanganAmiza Publishing Sdn Bhd Penerbitan dan pengedaran buku Malaysia 96.15 96.15Johor Aluminium Processing Sdn Bhd Pengeluaran jongkong aluminium Malaysia 35.00 35.00Sports Communications Sdn Bhd Promosi sukan bermotor Malaysia 50.00 50.00Sergam Berhad Pemasaran besi waja dan Malaysia 96.78 96.78

bahan binaanSTPA Trading Sdn Bhd Pemasaran besi waja dan Malaysia 96.78 96.78

bahan binaan



laporan kewangan



SYARIKAT BERHENTI OPERASI SYARIKAT BERHENTI OPERASI SYARIKAT BERHENTI OPERASI SYARIKAT BERHENTI OPERASI SYARIKAT BERHENTI OPERASI (sambungan)

Rely-On-Us Sdn Bhd Francais ruang pejabat Malaysia 100.00 100.00Vision Possible Berhad Pengurusan portfolio Malaysia 100.00 100.00Orion Tours Pte Ltd Perkhidmatan pelancongan Singapura 51.00 51.00Quality Heights Sdn Bhd Pengedaran dan pemasaran Malaysia 100.00 100.00

barangan farmasiJohor Estate Agency Sdn Bhd Tidak Aktif Malaysia 100.00 100.00

SYARIKAT DI BAWAH TANGGUNGAN PENERIMASYARIKAT DI BAWAH TANGGUNGAN PENERIMASYARIKAT DI BAWAH TANGGUNGAN PENERIMASYARIKAT DI BAWAH TANGGUNGAN PENERIMASYARIKAT DI BAWAH TANGGUNGAN PENERIMA

Kok Lian Marketing Sdn Bhd Penerbit buku Malaysia 51.00 51.00

I I II I II I II I II I I INTRAPRENEURINTRAPRENEURINTRAPRENEURINTRAPRENEURINTRAPRENEUR

AAAAA BISNES INTRAPRENEUR IBISNES INTRAPRENEUR IBISNES INTRAPRENEUR IBISNES INTRAPRENEUR IBISNES INTRAPRENEUR I


Excellent Relation Sdn Bhd Menyediakan perkhidmatan IT Malaysia 90.00 90.00 dan lain-lain perkhidmatan

Jejak Juara Sdn Bhd Perkhidmatan fotografi Malaysia 95.00 95.00Perkasa Mechanical & Engineering Perkhidmatan membaiki kereta Malaysia 88.00 88.00 Sdn BhdJTP Trading Sdn Bhd Penjualan pisang dan buah- Malaysia 75.00 75.00

buahan tropikaAquapreneur Sdn Bhd Penternakan udang harimau Malaysia 38.94 38.94Pro Communication Services Sdn Bhd Pengiklanan multimedia

dan papan iklan Malaysia 95.00 95.00Open Access Sdn Bhd Farmasi Malaysia 66.99 72.55 (Dahulunya Open Access Sports Injury Services Sdn BhdSejahtera Farma Sdn Bhd Farmasi Malaysia 70.34 72.55Pro-Office Shoppe Sdn Bhd Fhotostat, percetakan dan Malaysia 95.00 95.00

perkhidmatan penghantaranJohor Land Manufacturing Sdn Bhd Pengeluar kerangka pintu besi Malaysia 43.17 30.40Tg. Langsat Development Sdn Bhd Pembangunan tanah industri Malaysia 100.00 79.00IPPJ Sdn Bhd Institusi latihan dan pembangunan Malaysia 95.00 95.00

usahawanEpasa Shipping Agency Sdn Bhd Agensi perkapalan dan Malaysia 75.00 75.00

perkhidmatan pengangkutanGenuine Victory Sdn Bhd Perkhidmatan pengurusan dan Malaysia 90.00 100.00

penternakan udang harimauHC Duraclean Sdn Bhd Francais khidmat kebersihan Malaysia 94.14 94.00Capaian Aspirasi Sdn Bhd Pengurusan Khairat Malaysia 100.00 -


Metro Parking (Sabah) Sdn Bhd Pengurusan tempat letak kereta Malaysia 33.30 90.00


PJB Pacific Advisory Services Sdn Bhd Konsultan sekuriti Malaysia 75.00 75.00



laporan kewangan



BBBBB BISNES INTRAPRENEUR IIBISNES INTRAPRENEUR IIBISNES INTRAPRENEUR IIBISNES INTRAPRENEUR IIBISNES INTRAPRENEUR II


JKiNG Sdn Bhd Pengeluar barangan sukan Malaysia 100.00 100.00East Johor Marine Farms Sdn Bhd Penternakan udang harimau Malaysia 65.60 65.60Yakin Tea Sdn Bhd Perladangan teh & kopi Malaysia 62.24 62.24Pro-Office Services Sdn Bhd Pemegang pelaburan Malaysia 100.00 100.00Johor Silica Industries Sdn Bhd Perlombongan pasir silika Malaysia 100.00 100.00Tiram Travel Sdn Bhd Agensi Pelancongan Malaysia 100.00 100.00PharmaCARE Medicine Shoppe Sdn Bhd Francais farmasi Malaysia 100.00 100.00Pharmacare Sdn Bhd Pengedar barangan farmasi dan Malaysia 74.04 76.37

rangkaian farmasiDusun Damai Sdn Bhd Pemasaran dan pengurusan dusun Malaysia 100.00 100.00Tebing AUR Sdn Bhd Pengurusan kontraktor dan Malaysia 21.79 100.00

perundinganJohor Heavy Industries Sdn Bhd Syarikat induk Malaysia 100.00 100.00Majestic Arena Sdn Bhd Pusat Convention Malaysia 100.00 -Infinite Structure Sdn Bhd Pengurusan kemudahan Malaysia 100.00 -Great Allied Engineering Sdn Bhd “Autoblasting & Painting” Malaysia 100.00 -Teraju Fokus Sdn Bhd Pengurusan Harta Malaysia 100.00 -Aquabuilt Sdn Bhd Pengurusan dan perkhidmatan Malaysia 100.00 100.00

akuakulturRajaudang Sdn Bhd Syarikat induk dan penternakan Malaysia 100.00 100.00

udang harimau


TWF Sdn Bhd Khidmat pengurusan insuran Malaysia 39.58 39.27Pharmacare (S) Pte Ltd Pengedar dan pemasaran Singapura 100.00 100.00

barangan farmasiSYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASISYARIKAT BERHENTI OPERASI

Johor Tropical Products Sdn Bhd Pemegang pelaburan Malaysia 100.00 100.00Malaysia Pharmacy (Retail) Sdn Bhd Pengedar dan pemasaran Malaysia 100.00 100.00

barangan farmasiPharmaCARE (B) Sdn Bhd Pengedar dan pemasaran Brunei 44.42 45.82

barangan farmasiKilang Airbatu Perintis Sdn Bhd Pengilangan air batu Malaysia 88.22 88.22Johor Tea Sdn Bhd Perladangan teh Malaysia 100.00 100.00Tajasukan Sdn Bhd Syarikat Induk Malaysia 100.00 100.00Jedcon Engineering Survey Sdn Bhd Perkhidmatan ukur tanah Malaysia 51.00 51.00Trapezoid Web Profile Sdn Bhd Pengeluar besi binaan Malaysia 81.74 81.74

CCCCC LAIN-LAINLAIN-LAINLAIN-LAINLAIN-LAINLAIN-LAIN


Selangor Foods Industries Sdn Bhd Pemprosesan dan pemasaran Malaysia - 100.00 daging burger

Johor Logistics Sdn Bhd Pergudangan Malaysia 100.00 100.00Asam Bubuk Sdn Bhd Perladangan kelapa sawit Malaysia 49.00 49.00Panca Pesona Sdn Bhd Pembangunan hartanah Malaysia 40.00 40.00Sri Gading Land Sdn Bhd Pembangunan tanah industri Malaysia 51.00 51.00Techno SCP Sdn Bhd Pembangunan tanah industri Malaysia 60.00 60.00



laporan kewangan



CCCCC LAIN-LAIN LAIN-LAIN LAIN-LAIN LAIN-LAIN LAIN-LAIN (sambungan)

SYARIKAT AKTIF SYARIKAT AKTIF SYARIKAT AKTIF SYARIKAT AKTIF SYARIKAT AKTIF (sambungan)

MC-JTP Concept Sdn Bhd Penyewaan dan pemilikan gudang Malaysia 49.00 49.00Miyatech Precision (M) Sdn Bhd “Metal stamping” Malaysia 40.00 40.00Segamat Inland Port Sdn Bhd Pelabuhan Malaysia 12.50 12.50


Johor Industrial Gas Sdn Bhd Pemprosesan gas industri Malaysia 100.00 100.00


Westbury Tubular (M) Sdn Bhd Pereka bahan binaan berasaskan Malaysia 41.69 41.69 fabrikator bahan besi

Tiram Air Sdn Bhd Perkhidmatan udara Malaysia 70.00 70.00Tiram Tours (S) Pte Ltd Agensi pelancongan Singapura 51.00 51.00


Tiram Tours Sdn Bhd Syarikat induk Malaysia 51.00 51.00Johor Concrete Products Sdn Bhd Pengilangan Konkrit Malaysia 51.00 51.00

DDDDD ORGANISASI BISNES AMALORGANISASI BISNES AMALORGANISASI BISNES AMALORGANISASI BISNES AMALORGANISASI BISNES AMAL(Ditubuhkan di bawah Akta Syarikat, 1965)(Ditubuhkan di bawah Akta Syarikat, 1965)(Ditubuhkan di bawah Akta Syarikat, 1965)(Ditubuhkan di bawah Akta Syarikat, 1965)(Ditubuhkan di bawah Akta Syarikat, 1965)

Bistari Johor Berhad Kelab usahawan Malaysia * *Khairat Keluarga Perbadanan Tabung khairat anggota pekerja Malaysia * * Johor BerhadPengurusan Klinik Wakaf An-Nur Berhad Pengurusan klinik wakaf Malaysia * *Yayasan Perbadanan Johor Pusat latihan pengurusan Malaysia * *Kumpulan Perbadanan Johor Sdn Bhd Perkhidmatan pengurusan Malaysia 100.00 100.00JCorp Intrapreneur (M) Sdn Bhd Kelab Intrapreneur Malaysia * *

# Syarikat Tersenarai* Syarikat Jaminan Terhad



laporan kewangan

Muka surat dibiarkan kosong hanya sebagai batas panduan.

180 Annual Report 2004

financial report

CERTIFICATE OF THE AUDITOR GENERALON THE FINANCIAL STATEMENTS OF JOHOR CORPORATION

FOR THE YEAR ENDED 31 DECEMBER 2004

The financial statements of Johor Corporation for the year ended 31 December 2004have been audited by my representative. These financial statements are theresponsibility of Johor Corporation’s management. My responsibility is to audit andrender an opinion on these financial statements.

2. The Audit has been conducted in accordance with the Audit Act 1957 andguided by approved auditing standards. The standards require the audit to be plannedand performed to obtain reasonable assurance as to whether the financial statementsof Johor Corporation are free of material misstatement or omission. The audit includesexamining the records on a test basis, evidence supporting the amounts and ensuringadequate disclosures in the financial statements. The audit also includes assessingthe accounting principles used as well as evaluating the overall financial statementpresentation.

3. In my opinion, the financial statements give a true and fair view of the financialposition of Johor Corporation and the Group as at 31 December 2004, its operationresults and the cash flow for the year based on the approved accounting standards.

4. I have considered the financial statements and audit reports for all thesubsidiaries not audited by me as stated in the Notes to the Financial Statements. Iam satisfied that their financial statements consolidated with the financial statementsof Johor Corporation are in a form and content appropriate and proper for the purposesof preparation of the consolidated financial statements. I have also receivedsatisfactory information and explanation required for those purposes.

(This is a translated version. Please refer to the original Certificate on page 86-87)

181Annual Report 2004

financial report

5. The auditors’ reports on the financial statements of the subsidiaries were notsubject to any qualification that will affect the consolidated financial statements.

( TAN SRI DR. HADENAN BIN A. JALIL )

AUDITOR GENERALMALAYSIA.

PUTRAJAYA,29 August 2005

(This is a translated version. Please refer to the original Certificate on page 86-87)


financial report

The Directors are pleased to submit their annual report together with the audited Financial Statements of theGroup and Corporation for the financial year ended 31 December 2004.

PRINCIPAL ACTIVITIESPRINCIPAL ACTIVITIESPRINCIPAL ACTIVITIESPRINCIPAL ACTIVITIESPRINCIPAL ACTIVITIES

The Corporation was incorporated under the Johor Corporation Enactment (No. 4, 1968), (as amended byEnactment No. 5, 1995) as a development agency and public enterprise. The Corporation is principally engagedin palm oil business, property development and management and investment. The principal activities of theGroup consist mainly of palm oil business, healthcare services, property development and management,intrapreneur ventures and investments.

FINANCIAL RESULTSFINANCIAL RESULTSFINANCIAL RESULTSFINANCIAL RESULTSFINANCIAL RESULTS

Group CorporationRM Million RM Million

Profit Before Tax 204.7 254.1Tax (125.1) (8.5)

HHHHHHH HHHHHHHProfit After Tax But Before Minority Interests 79.6 245.6Minority Interests (75.0) -

HHHHHHH HHHHHHHProfit For The Year 4.6 245.6

NNNNNNN NNNNNNN

RESERVES AND PROVISIONSRESERVES AND PROVISIONSRESERVES AND PROVISIONSRESERVES AND PROVISIONSRESERVES AND PROVISIONS

All material transfers to or from reserves and provisions during the financial year are shown in the financialstatements.

CHANGES IN THE GROUP STRUCTURECHANGES IN THE GROUP STRUCTURECHANGES IN THE GROUP STRUCTURECHANGES IN THE GROUP STRUCTURECHANGES IN THE GROUP STRUCTURE

On 20 December 2004, Johor Land Berhad (“JLB”) a subsidiary of Kulim (Malaysia) Berhad (“KMB”), issued22,000,000 new ordinary shares of RM1.00 each to Johor Corporation and became its subsidiary. As aresult, JLB became an associate of KMB.

On 9 June 2003, KMB signed a Sales and Purchase Agreement to acquire 100% of the ordinary shares ofRM1.00 each in EPA Management Sdn Bhd (“EPA”), a wholly owned subsidiary of Johor Corporation for aconsideration of RM80,000,000. As a result, on 28 July 2004, EPA ceased to be a wholly owned subsidiaryof Johor Corporation and became a wholly owned subsidiary of KMB.

On 9 June 2003, KMB signed a Sales and Purchase Agreement to acquire 6,091,358 ordinary shares ofRM1.00 each representing 62.03% equity interest in Kumpulan Bertam Plantations Berhad (“KBPB”) for aconsideration of RM15,060,000. As a result, on 28 July 2004, KBPB, ceased to be a subsidiary of JohorCorporation and became a subsidiary of KMB.

EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”)EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”)EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”)EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”)EMPLOYEES’ SHARE OPTION SCHEME (“ESOS”)

Johor Corporation implemented an ESOS on 14 September 2004 for an option period of 5 years pursuant tothe Trust Deed between Johor Corporation and Johor Ventures Sdn Bhd. Details of the ESOS are set out inNote 6 to the financial statements.

Directors’ Report


financial report

DIRECTORS OF JOHOR CORPORATIONDIRECTORS OF JOHOR CORPORATIONDIRECTORS OF JOHOR CORPORATIONDIRECTORS OF JOHOR CORPORATIONDIRECTORS OF JOHOR CORPORATION

The Directors who have held office during the period since the date of the last report are as follows :-

YAB Dato’ Haji Abdul Ghani Bin Othman (Chairman)YBhg Tan Sri Dato’ Muhammad Ali Bin Hashim (Group Chief Executive)YBhg Tan Sri Dato’ Abdullah Bin AyubYB Dato’ Haji Mohd Razali Bin MahusinYB Encik Yaacob Bin Hj Md SamYB Dato’ Haji Ishak Bin Amin (Retired : 12 December 2004)YB Dato’ Haji A Karim Bin Hj Hassan (Appointed : 13 December 2004)YBhg Tan Sri Datuk Abdul Razak Bin Haji Ramli (Retired : 23 October 2004)YB Dato’ Mohd Sidek Bin Hj Hassan (Appointed : 29 November 2004)YBhg Datuk Zakiah Binti Hashim (Retired : 6 November 2004)Encik Hasan Bin Ismail (Retired : 21 August 2004)YB Dato’ Ab Khalil Bin Ab Hamid (Appointed : 22 October 2004)YB Dato’ Ahmad Bin AbdullahYB Dato’ Dr Haris Bin Salleh

STATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTS

Before the Income Statements and Balance Sheets were made out, the Directors took reasonable steps :-

(a) to ascertain that proper action had been taken in relation to the writing off of bad debts and themaking of allowance for doubtful debts and satisfied themselves that all known bad debts had beenwritten off and that adequate allowance had been made for doubtful debts; and

(b) to ensure that any current assets, other than debts, which were unlikely to realise in the ordinarycourse of business, their values as shown in the accounting records of the Group and Corporationhad been written down to an amount which they might be expected so to realise.

At the date of this report, the Directors are not aware of any circumstances :-

(a) which would render the amounts written off for bad debts, or the amount of the allowance for doubtfuldebts in the financial statements of the Group and Corporation inadequate to any substantial extent; or

(b) which would render the values attributed to the current assets in the financial statements of theGroup and Corporation misleading; or

(c) which have arisen which render adherence to the existing method of valuation of assets or liabilities ofthe Group and Corporation misleading or inappropriate.

No contingent or other liability has become enforceable or is likely to become enforceable within the period oftwelve months after the end of the financial year which, in the opinion of the Directors, will or may substantiallyaffect the ability of the Group or Corporation to meet their obligations when they fall due.

At the date of this report, there does not exist :-

(a) any charge on the assets of the Group or Corporation which has arisen since the end of the financialyear which secures the liability of any other person; or

(b) any contingent liability of the Group or Corporation which has arisen since the end of the financialyear.

Directors’ Report (Continued)


financial report

STATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTSSTATUTORY INFORMATION ON THE FINANCIAL STATEMENTS (continued)

At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in thisreport or the financial statements, which would render any amount stated in the financial statements misleading.

In the opinion of the Directors :-

(a) the results of the Group’s and Corporation’s operations during the financial year were not substantiallyaffected by any item, transaction or event of a material and unusual nature; and

(b) except as disclosed in Note 32 to the financial statements, there has not arisen in the interval betweenthe end of the year and the date of this report, any item, transaction or event of a material andunusual nature likely to affect substantially the results of the operations of the Group or Corporationfor the financial year in which this report is made.

Signed on behalf of the Board of Directors

DATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANChairman

TAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMGroup Chief Executive

Johor Bahru

11 July 2005

(This is a translated version. Please refer to page 90)

Directors’ Report (Continued)


financial report

We, Dato’ Haji Abdul Ghani Bin Othman and Tan Sri Dato’ Muhammad Ali Bin Hashim, two of the Directors ofJohor Corporation, state that, in the opinion of the Directors, the financial statements set out on pages 187to 261 are drawn up so as to give a true and fair view of the state of affairs of the Group and Corporation asat 31 December, 2004 and of the results and the cash flows of the Group and Corporation for the financialyear ended on that date in accordance with the MASB approved accounting standards in Malaysia.

Signed on behalf of the Board of Directors

DATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANDATO’ HAJI ABDUL GHANI BIN OTHMANChairman

TAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMTAN SRI DATO’ MUHAMMAD ALI BIN HASHIMGroup Chief Executive

Johor Bahru

11 July 2005


Statement By Directors


financial report

I, Jamaludin Bin Md Ali, being the officer primarily responsible for the financial management of JohorCorporation, do solemnly and sincerely declare that the financial statements set out on pages 187 to 261 are,in my opinion, correct and I make this solemn declaration conscientiously believing the same to be true, andby virtue of the provisions of the Statutory Declarations Act, 1960.

JAMALUDIN BIN MD ALIJAMALUDIN BIN MD ALIJAMALUDIN BIN MD ALIJAMALUDIN BIN MD ALIJAMALUDIN BIN MD ALIChief Operating Officer

Subscribed and solemnly declared at Johor Bahru on 11 July 2005

Before me,

COMMISIONER FOR OATHS


Statutory Declaration


financial report

Income StatementsFor The Year Ended 31 December 2004

Group CorporationNote 2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

REVENUE 4 2,543,383 2,138,973 305,793 226,056

Cost Of Sales (1,717,277) (1,433,936) (167,947) (110,626)HHHHHHH HHHHHHH HHHHHHH HHHHHHH

GROSS PROFIT 826,106 705,037 137,846 115,430

Other Operating Income :

- Gain On Disposal Of Subsidiaries 26,175 342 9,256 5,627

- Gain On Disposal Of Property, Plant And Equipment 7,609 7,036 329,651 6,915

- Interest Income

(80,453) 21,228 (85,613) 13,303

- Others 130,923 130,497 68,569 18,240

84,254 159,103 321,863 44,085

Selling And Distribution Expenses (95,108) (93,958) (4,556) (2,581)

Administrative Expenses (308,637) (318,191) (53,857) (45,898)

Other Operating Expenses

(98,488) 9,930 34,790 368,107HHHHHHH HHHHHHH HHHHHHH HHHHHHH

PROFIT FROM OPERATIONS 5 408,127 461,921 436,086 479,143

Finance Costs 8 (231,210) (243,413) (181,972) (182,626)

Share Of Results Of Associates 27,798 44,335 - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH

PROFIT FROM ORDINARY ACTIVITIES BEFORE TAX 204,715 262,843 254,114 296,517

Tax : 9- The Corporation And Subsidiaries (120,530) (105,181) (8,534) (19,333)- Associates (4,575) (4,675) - -

(125,105) (109,856) (8,534) (19,333)

PROFIT FROM ORDINARY ACTIVITIES AFTER TAX 79,610 152,987 245,580 277,184

Minority Interests (75,044) (88,740) - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH

NET PROFIT FOR THE YEAR 4,566 64,247 245,580 277,184NNNNNNN NNNNNNN NNNNNNN NNNNNNN

(Including reversal of interest income previouslyrecognised on sale of land of RM91,706,000(2003 : Interest income on sale of land ofRM17,920,000) for the Group and Corporation)

(Including net write back for diminution in value ofinvestments of RM44,945,000 (2003 :RM145,235,000) and RM140,862,000 (2003: RM381,174,000 )for the Group and Corporationrespectively)


financial report


RM’000 RM’000 RM’000 RM’000

NON CURRENT ASSETSNON CURRENT ASSETSNON CURRENT ASSETSNON CURRENT ASSETSNON CURRENT ASSETS

PROPERTY, PLANT AND EQUIPMENT 10 4,765,400 4,357,607 647,546 662,896

LAND AND DEVELOPMENT EXPENDITURE 11 723,448 753,396 455,784 486,377

SUBSIDIARIES 12 - - 1,812,678 1,324,611

ASSOCIATES 13 100,914 93,406 86,569 55,251

LONG TERM INVESTMENTS 14 961,720 939,992 132,173 119,643

INTANGIBLE ASSETS 15 92,865 83,950 - -

DEFERRED RECEIVABLES 16 - 141,590 - 141,590

DEFERRED TAX ASSETS 23 17,521 12,020 - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH6,661,868 6,381,961 3,134,750 2,790,368HHHHHHH HHHHHHH HHHHHHH HHHHHHH

CURRENT ASSETSCURRENT ASSETSCURRENT ASSETSCURRENT ASSETSCURRENT ASSETS

PROPERTY, PLANT AND EQUIPMENT 10 367 677 - -

PROPERTY DEVELOPMENT COSTS 11 212,640 217,693 138,952 161,057

INVENTORIES 17 341,252 219,984 8,965 12,822

TAX RECOVERABLE 26,237 20,082 - -

TRADE AND OTHER RECEIVABLES 18 654,254 566,555 754,758 753,182

SHORT TERM INVESTMENTS 19 23,971 14,481 7,468 4,231

DEPOSITS, BANK AND CASH BALANCES 20 449,225 372,985 118,691 104,241

HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,707,946 1,412,457 1,028,834 1,035,533HHHHHHH HHHHHHH HHHHHHH HHHHHHH

CURRENT LIABILITIESCURRENT LIABILITIESCURRENT LIABILITIESCURRENT LIABILITIESCURRENT LIABILITIES

TRADE AND OTHER PAYABLES 21 786,165 662,192 283,585 326,449

BORROWINGS 22 718,088 863,900 451,371 444,739

CURRENT TAX LIABILITIES 62,623 62,013 46,442 41,482HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,566,876 1,588,105 781,398 812,670HHHHHHH HHHHHHH HHHHHHH HHHHHHH

NET CURRENT ASSETS/NET CURRENT ASSETS/NET CURRENT ASSETS/NET CURRENT ASSETS/NET CURRENT ASSETS/ (LIABILITIES) (LIABILITIES) (LIABILITIES) (LIABILITIES) (LIABILITIES) 141,070 (175,648) 247,436 222,863


Balance SheetsAs At 31 December 2004


financial report


RM’000 RM’000 RM’000 RM’000LESS : LONG TERMLESS : LONG TERMLESS : LONG TERMLESS : LONG TERMLESS : LONG TERM LIABILITIES LIABILITIES LIABILITIES LIABILITIES LIABILITIES

BORROWINGS 22 4,152,107 3,822,502 3,327,418 3,200,134

DEFERRED TAX LIABILITIES 23 305,794 271,800 1,578 6,747

OTHER DEFERRED LIABILITIES 24 148,208 11,712 - -HHHHHHHH HHHHHHHH HHHHHHH HHHHHHH4,606,109 4,106,014 3,328,996 3,206,881

HHHHHHHH HHHHHHHH HHHHHHH HHHHHHHNET ASSETS/(LIABILITIES)NET ASSETS/(LIABILITIES)NET ASSETS/(LIABILITIES)NET ASSETS/(LIABILITIES)NET ASSETS/(LIABILITIES) 2,196,8292,196,8292,196,8292,196,8292,196,829 2,100,2992,100,2992,100,2992,100,2992,100,299 53,19053,19053,19053,19053,190 (19(19(19(19(193,6503,6503,6503,6503,650)))))

NNNNNNNN NNNNNNNN NNNNNNN NNNNNNN

FINANCED BY :-FINANCED BY :-FINANCED BY :-FINANCED BY :-FINANCED BY :-

CAPITAL RESERVES 25 1,128,163 1,083,362 58,846 83,696

REVENUE RESERVES (444,420) (488,040) (5,656) (277,346)

RESERVES ON CONSOLIDATION 66,117 37,511 - -

CURRENCY FLUCTUATION RESERVE (73,409) (86,914) - -HHHHHHHH HHHHHHHH HHHHHHH HHHHHHH

676,451 545,919 53,190 (193,650)

MINORITY INTERESTS 1,520,378 1,554,380 - -HHHHHHHH HHHHHHHH HHHHHHH HHHHHHH2,196,8292,196,8292,196,8292,196,8292,196,829 2,100,2992,100,2992,100,2992,100,2992,100,299 53,19053,19053,19053,19053,190 (19(19(19(19(193,6503,6503,6503,6503,650)))))NNNNNNNN NNNNNNNN NNNNNNN NNNNNNN

Balance SheetsAs At 31 December 2004 (continued)


financial report

CurrencyCapital Reserves On Fluctuation Revenue

Note Reserves Consolidation Reserve Reserves TotalRM’000 RM’000 RM’000 RM’000 RM’000

At 1 January 2003 1,127,048 5,100 (88,484) (595,516) 448,148Prior Year Adjustment 31 - - - (2,596) (2,596)

HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHHAs Restated 1,127,048 5,100 (88,484) (598,112) 445,552

Acquisition Of Subsidiaries 1,232 43,269 - - 44,501Disposal Of Subsidiaries (203) (564) - - (767)Transfer From Capital Reserves To Revenue Reserves On Disposal Of Land (44,289) - - 44,289 -Currency Translation Differences - - 1,570 - 1,570Realisation Of Pre-Acquisition Reserve On Partial Disposal Of Subsidiaries 742 - - - 742Reclassification (1,076) (358) - 1,434 -Transfer To Capital Replacement Reserves 102 - - (92) 10Realised Upon Disposal Of Property, Plant And Equipment (194) - - 194 -Net (Loss)/Profit Not Recognised In Income Statement (43,686) 42,347 1,570 45,825 46,056Amortisation Of Reserves On Consolidation - (9,936) - - (9,936)Net Profit For The Year (as restated) - - - 64,247 64,247

HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHHAt 31 December 2003At 31 December 2003At 31 December 2003At 31 December 2003At 31 December 2003 1,083,3621,083,3621,083,3621,083,3621,083,362 37,51137,51137,51137,51137,511 (86,914)(86,914)(86,914)(86,914)(86,914) (48(48(48(48(488,0408,0408,0408,0408,040 ))))) 54545454545 ,9195 ,9195 ,9195 ,9195 ,919

NNNNNNN NNNNNNN NNNNNNN NNNNNNN NNNNNNN

At 1 January 2004 1,083,362 37,511 (86,914) (489,542) 544,417Prior Year Adjustment 31 - - - 1,502 1,502

HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHHAs Restated 1,083,362 37,511 (86,914) (488,040) 545,919

Acquisition Of Additional Interest In A Subsidiary 72,852 43,477 - - 116,329Partial Disposal Of A Subsidiary 582 (5) - - 577Accretion Of Shareholding In Subsidiaries - - - 7,064 7,064Transfer From Capital Reserves To Revenue Reserves On Disposal Of Land (31,149) - - 31,149 -Currency Translation Differences - - 13,505 - 13,505Current Year Revaluation- Surplus (Net Of Tax) 35,963 - - - 35,963- Deficit (Net Of Tax) (33,872) - - - (33,872)Transfer From Deferred Tax 1,260 - - - 1,260Transfer To Capital Replacement Reserves 102 - - (96) 6Reclassification (937) - - 937 -Net Profit Not Recognised In Income Statement 44,801 43,472 13,505 39,054 140,832Amortisation Of Reserves On Consolidation - (14,866) - - (14,866)Net Profit For The Year - - - 4,566 4,566

HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHH HHHHHHHHHAt 31 December 2004At 31 December 2004At 31 December 2004At 31 December 2004At 31 December 2004 1,128,1631,128,1631,128,1631,128,1631,128,163 6 6 , 1 1 76 6 , 1 1 76 6 , 1 1 76 6 , 1 1 76 6 , 1 1 7 (((((73 ,40973,40973,40973,40973,409 ))))) (((((444,420444,420444,420444,420444,420 ))))) 6 7 6 , 4 5 16 7 6 , 4 5 16 7 6 , 4 5 16 7 6 , 4 5 16 7 6 , 4 5 1

NNNNNNN NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Consolidated Statement Of Changes In EquityFor The Year Ended 31 December 2004


financial report

Non-distributableNon-distributableNon-distributableNon-distributableNon-distributableCapital Revenue

Reserves Reserves TotalRM’000 RM’000 RM’000

At 1 January 2003 83,890 (554,724) (470,834)

Realised On Disposal Of Property, Plant And Equipment (194) 194 -

Net (Loss)/Profit Not Recognised In Income Statement (194) 194 -

Net Profit For The Year - 277,184 277,184HHHHHHHH HHHHHHHH HHHHHHHH

At 31 December 2003At 31 December 2003At 31 December 2003At 31 December 2003At 31 December 2003 83,69683,69683,69683,69683,696 (277,346)(277,346)(277,346)(277,346)(277,346) (193,650)(193,650)(193,650)(193,650)(193,650)NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN

At 1 January 2004 83,696 (277,346) (193,650)

Realised On Disposal Of Property, Plant And Equipment (26,110) 26,110 -Transfer From Deferred Tax (Note 23) 1,260 - 1,260

Net (Loss)/Profit Not Recognised In Income Statement (24,850) 26,110 1,260

Net Profit For The Year - 245,580 245,580HHHHHHHH HHHHHHHH HHHHHHHH

At 31 December 2004At 31 December 2004At 31 December 2004At 31 December 2004At 31 December 2004 58,84658,84658,84658,84658,846 (5,656)(5,656)(5,656)(5,656)(5,656) 53,19053,19053,19053,19053,190NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN

Corporation Statement Of Changes In EquityFor The Year Ended 31 December 2004


financial report

Group Corporation2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

OPERATING ACTIVITIESOPERATING ACTIVITIESOPERATING ACTIVITIESOPERATING ACTIVITIESOPERATING ACTIVITIES

Net Profit For The Year 4,566 64,247 245,580 277,184

Adjustments To Reconcile Net Profit For The Year To Cash From Operations :

Property, Plant And Equipment :- Gain On Disposal (7,499) (7,036) (329,651) (6,915)- Written Off 5,917 7,692 126 177- Depreciation 157,395 152,315 15,000 13,186- Impairment Loss 29,932 19,617 - -- Adjustment (1,080) 1,756 - -- Revaluation Surplus - - - -(Gain)/Loss On Disposal Of :- Subsidiaries (13,477) (342) (6,076) (5,628)- Associates - - 24 (1,680)- Other Investments 815 (83) - 4,944Development Expenditure :- Gain On Disposal (61,063) (21,080) (42,511) (21,080)- Allowance For Diminution In Value - 4,533 - -- Written Off 108,300 2,705 - 1,544- Amortisation 6,500 6,500 - -Investments:- Net Write Back For Diminution In Value (44,945) (145,235) (140,862) (381,174)- Written Off 82,168 114 82,168 54Allowance For Capital Replacement Reserves 102 102 - -Intangible Assets :- Amortisation 15,306 21,429 - -- Written Off 2,723 3,471 - -Dividend Income (4,270) (4,244) (27,076) (21,438)Loss/(Gain) On Exchange Differences 13,505 (39,771) - 116Amortisation Of Reserve On Consolidation (14,866) (9,936) - -Interest Expense 231,210 243,413 181,972 182,626Interest Income (12,236) (39,148) (6,093) (31,223)Share Of Results Of Associates (27,798) (44,335) - -Tax 125,105 109,856 8,534 19,333Minority Interests 75,044 88,740 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH671,354 415,280 (18,865) 30,026

Cash Flow StatementsFor The Year Ended 31 December 2004


financial report


RM’000 RM’000 RM’000 RM’000

Changes In Working Capital :- Fixed Deposits Pledged For Bank Guarantees 2,968 (13,513) - -- Inventories 61,407 58,069 3,857 1,321- Receivables (296,663) 238,824 143,838 105,355- Payables (270,467) (151,179) (37,782) (17,194)- Associates (4,161) - - -- Short Term Investments (9,292) (501) (2,524) 464- Short Term Borrowings 154,079 (37,433) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHCash From Operations 309,225 509,547 88,524 119,972

Tax Paid (112,096) (77,669) - -Tax Refund 1,868 2,238 - -Tax On Dividend (7,483) - - -Dividend Received 2,908 4,244 9,673 3,868Interest Received 11,744 31,769 5,682 22,973

HHHHHHH HHHHHHH HHHHHHH HHHHHHHNet Cash From Operating Activities 206,166 470,129 103,879 146,813


INVESTING ACTIVITIESINVESTING ACTIVITIESINVESTING ACTIVITIESINVESTING ACTIVITIESINVESTING ACTIVITIES

Development Expenditure (672) (82,441) 5,256 (19,562)Proceeds From Disposal Of Investment In :- Subsidiaries - - 100,451 14,089- Associates - - 1,196 2,520- Other Investments 8,279 14,470 - 1,911Property, Plant And Equipment :- Proceeds From Disposal 20,793 15,425 363,128 9,573- Purchase (279,205) (267,103) (33,428) (53,814)Purchase Of Investments In :- Subsidiaries - - (179,081) -- Associates - - (25,311) -- Investments - - (34,983) (5,031)- Other Investments (123,701) (14,216) - -Additions Of Intangible Assets (10,136) (9,620) - -Acquisition Of Subsidiaries, Net Of Cash - 1,338 - -Disposal Of Subsidiaries, Net Of Cash 1,248 (10) - -Proceeds On Disposal Of Development Expenditure 90,893 33,865 90,128 33,865Increase In CULS - - (330,154) -Additional Interest In Subsidiaries 69,071 7,764 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHNet Cash Used In Investing Activities (223,430) (300,528) (42,798) (16,449)


Cash Flow StatementsFor The Year Ended 31 December 2004 (continued)


financial report


RM’000 RM’000 RM’000 RM’000

FINANCING ACTIVITIESFINANCING ACTIVITIESFINANCING ACTIVITIESFINANCING ACTIVITIESFINANCING ACTIVITIES

Repayment Of Term Loans (443,976) (136,357) - -Repayment Of Hire Purchase And Leases (11,604) (7,594) - -Proceeds From Term Loans 657,052 214,778 - -Interest Paid (101,936) (105,335) (46,631) (45,815)Advances To Subsidiaries - - - (2,870)Proceeds From Long Term Bonds - - - (3,153)

HHHHHHH HHHHHHH HHHHHHH HHHHHHHNet Cash Used In Financing Activities 99,536 (34,508) (46,631) (51,838)


NET INCREASE IN CASH AND CASH EQUIVALENTS 82,272 135,093 14,450 78,526

CASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR AT BEGINNING OF THE YEAR AT BEGINNING OF THE YEAR AT BEGINNING OF THE YEAR AT BEGINNING OF THE YEAR 308,203308,203308,203308,203308,203 175,834175,834175,834175,834175,834 104,241104,241104,241104,241104,241 25,71525,71525,71525,71525,715

FOREIGN EXCHANGE DIFFERENCES (1,843) (2,724) - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH

CASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTS AT END OF THE YEAR AT END OF THE YEAR AT END OF THE YEAR AT END OF THE YEAR AT END OF THE YEAR 388,632388,632388,632388,632388,632 308,203308,203308,203308,203308,203 118,691118,691118,691118,691118,691 104,241104,241104,241104,241104,241


CASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTS

Bank And Cash Balances 205,435 204,635 10,154 9,481Fixed Deposits 243,790 168,350 108,537 94,760


Fixed Deposits Pledged (14,868) (17,836) - -Bank Overdrafts (45,725) (46,946) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH388,632388,632388,632388,632388,632 308,203308,203308,203308,203308,203 118,691 118,691 118,691 118,691 118,691 104,241104,241104,241104,241104,241


Cash Flow StatementsFor The Year Ended 31 December 2004 (continued)


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11111 GENERAL INFORMATIONGENERAL INFORMATIONGENERAL INFORMATIONGENERAL INFORMATIONGENERAL INFORMATION

The Corporation is principally engaged in palm oil business, property development and management andinvestment. The principal activities of the Group consist mainly of palm oil business, healthcare services,property development and management, intrapreneur ventures and investments.

Johor Corporation was incorporated under the Johor Corporation Enactment (No. 4, 1968), (as amendedby Enactment No. 5, 1995).

The address of the principal place of business of the Corporation is as follows :-

13th Floor, Menara Johor CorporationKOTARAYA80000 Johor Bahru, JohorMalaysia

22222 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIESFINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIESFINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIESFINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIESFINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group’s activities expose it to a variety of financial risks, including foreign currency exchange risk,interest rate risk, market risk, credit risk, liquidity and cash flow risk. The Group’s overall financial riskmanagement objective is to ensure that the Group creates value for its stakeholders. The Group focuseson the unpredictability of the financial markets and seeks to minimize potential adverse effects on thefinancial performance of the Group. Financial risk management is carried out through risk reviews, internalcontrol systems, a global insurance programme and adherence to Group financial risk managementpolicies. The Board regularly reviews these risks and approves the treasury policies, which covers themanagement of these risks.

The Group uses derivative financial instruments such as foreign exchange contracts to hedge certainexposure. It does not trade in financial instruments.

The main areas of financial risks faced by the Group and the policies in respect of the major areas oftreasury activities are set out as follows:

i .i .i .i .i . Foreign currency exchange riskForeign currency exchange riskForeign currency exchange riskForeign currency exchange riskForeign currency exchange risk

Foreign currency exchange risk is the risk that the value of a financial instrument will fluctuate due tochanges in foreign exchange rates.

The Group is exposed to currency risk as a result of the foreign currency transactions entered into bySubsidiaries in currencies other than their functional currency. These companies enter into forwardforeign currency exchange contracts to limit their exposure on foreign currency receivables andpayables, and on cash flows generated from anticipated transactions denominated in foreigncurrencies.

Depending on the market situation, hedging is used especially in situations where the Subsidiaries areable to enjoy the premium swop point. A monthly unhedged foreign currency sales summary ismaintained to evaluate the risk exposure and take necessary action for hedging, if it is required.

Notes To The Financial Statements31 December 2004


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22222 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

i i .i .i .i .i . Interest rate riskInterest rate riskInterest rate riskInterest rate riskInterest rate risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes inmarket interest rates.

The Group’s income and operating cash flows are substantially independent of changes in marketinterest rates. Interest rate exposure arises from the Group’s borrowings and deposits, and is managedthrough the use of floating rate debts as well as fixed rate debts. The objectives for the mix betweenfixed and floating rate borrowings are set to reduce the impact of an upward change in interest rateswhile enabling benefits to be enjoyed if interest rates fall. The interest rate profile of loans is regularlyreviewed against the prevailing market interest rates.

i i i .i i i .i i i .i i i .i i i . Market riskMarket riskMarket riskMarket riskMarket risk

Market risk is the risk that the value of a financial instrument will fluctuate as a result of changes inmarket prices, whether those changes are caused by factors specific to the individual security or itsissuer or factors affecting all securities traded in the market.

The Group has its policies in place to manage the Group’s exposure to fluctuations in the prices of thekey raw materials used in production. Companies within the Group enter into fixed price contracts toestablish determinable prices for raw materials.

For key product purchases, the Group establishes floating and fixed price levels that the Groupconsiders acceptable and enters physical supply or derivative agreements, where necessary, toachieve these levels. The Group does not face significant exposure from the risk from changes indebt and equity prices.

iv.v.v.v.v. Credit riskCredit riskCredit riskCredit riskCredit risk

Credit risk is the risk that one party to the financial instrument will fail to discharge an obligation andcause the other party to incur a financial loss.

Credit risk arises when derivative instruments are used or sales made on deferred credit terms. TheGroup seeks to invest cash assets safely and profitably. It also seeks to control credit risk by settingcounterparty limits and ensuring that sales of products and services are made to customers with anappropriate credit history. Customer outstanding payment information is reviewed on a weekly basisby making reference to published credit ratings by prime financial institutions. In the absence ofpublished ratings, internal credit reviews are conducted if the credit risk is material. These reviewsare conducted so as to address any possible payment default.

Action is enforced for debt collection. Furthermore, sales to customer are suspended when earlieramounts are overdue by the credit term. The Group considers the risk of material loss in the event ofnon-performance by a financial counterparty to be unlikely.

Subsidiaries involved in the sale of real property will not transfer the land titles to customers if fullpayment has not been made.

v .v .v .v .v . Liquidity and cash flow riskLiquidity and cash flow riskLiquidity and cash flow riskLiquidity and cash flow riskLiquidity and cash flow risk

Liquidity risk is the risk that an enterprise will encounter difficulty in raising funds to meet commitmentsassociated with financial instruments.

Cashflow risk is the risk that future cash flows associated with a financial instrument will fluctuate. Inthe case of a floating rate debt instrument, such fluctuations result in a change in the effectiveinterest rate of the financial instrument, usually without a corresponding change in its fair value.



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22222 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

v .v .v .v .v . Liquidity and cash flow risk Liquidity and cash flow risk Liquidity and cash flow risk Liquidity and cash flow risk Liquidity and cash flow risk (continued)

In the short term, the Group focuses on liquidity, gearing of financial position, funds resources forplant upgrading and expansion of existing activities. Prudent liquidity risk management impliesmaintaining sufficient cash flow and the availability of funding through an adequate amount of committedcredit facilities and the ability to close out market positions. Due to the dynamic nature of the underlyingbusiness, the Group aims at maintaining flexibility in funding by keeping credit lines available.

33333 SIGNIFICANT ACCOUNTING POLICIESSIGNIFICANT ACCOUNTING POLICIESSIGNIFICANT ACCOUNTING POLICIESSIGNIFICANT ACCOUNTING POLICIESSIGNIFICANT ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are consideredmaterial in relation to the financial statements.

( a )( a )( a )( a )( a ) Basis Of PreparationBasis Of PreparationBasis Of PreparationBasis Of PreparationBasis Of Preparation

The Financial Statements of the Group and of the Corporation have been prepared under the historicalcost convention except as disclosed in this summary of significant accounting policies. For example, landand buildings, and investment properties are stated at fair value.

The financial statements comply with the MASB approved accounting standards in Malaysia. The newaccounting standard adopted during the financial year is MASB 32, Property Development activities.The adoption of the MASB 32 has not given rise to any adjustments to the opening balances ofunappropriated profit of the prior year and current year.

( b )( b )( b )( b )( b ) Basis Of ConsolidationBasis Of ConsolidationBasis Of ConsolidationBasis Of ConsolidationBasis Of Consolidation

i. Subsidiaries

Subsidiaries are those companies in which the Group has power to exercise control over thefinancial and operating policies so as to obtain benefits from their activities.

Subsidiaries are consolidated using the acquisition method of accounting. Under the acquisitionmethod of accounting, Subsidiaries are consolidated from the date on which control is transferredto the Group and are no longer consolidated from the date that control ceases. The cost of anacquisition is the amount of cash paid and the fair value at the date of acquisition or otherpurchase consideration given by the acquirer, together with directly attributable expenses of theacquisition. At the date of acquisition, the fair values of the Subsidiaries’ net assets are determinedand these values are reflected in the consolidated Financial Statements. The difference betweenthe cost of acquisition over the Group’s share of the fair value of the identifiable net assets of thesubsidiary acquired at the date of acquisition is reflected as goodwill or reserve on consolidation.See accounting policy Note (c) on Goodwill or Reserve On Consolidation.

Minority interest is measured at the minorities’ share of the post acquisition fair values of theidentifiable assets and liabilities of the acquiree. Separate disclosure is made of minority interest.

In a piecemeal acquisition, the fair value adjustment attributable to previously held equity interestsis accounted for as post-acquisition revaluation.



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33333 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

( b )( b )( b )( b )( b ) Basis Of Consolidation Basis Of Consolidation Basis Of Consolidation Basis Of Consolidation Basis Of Consolidation (continued)

i. Subsidiaries (continued)

Intragroup transactions, balances and unrealised gains on transactions are eliminated; unrealisedlosses are also eliminated unless cost cannot be recovered. Where necessary, adjustments aremade to the Financial Statements of Subsidiaries to ensure consistency of accounting policieswith those of the Group.

The gain or loss on disposal of a Subsidiary is the difference between net disposal proceeds andthe Group’s share of its net assets together with any unamortised balance of goodwill on acquisitionand exchange differences which were not previously recognised in the consolidated incomestatement. Goodwill on acquisition which has been charged in full to shareholders’ equity is alsodeducted when determining the gain or loss on disposal of a Subsidiary.

ii. Associates

Associates are enterprises in which the Group exercises significant influence, but which it doesnot control. Significant influence is the power to participate in the financial and operating policydecisions of the Associates but not the power to exercise control over those policies. Investmentsin Associates are accounted for in the consolidated Financial Statements by the equity method ofaccounting.

Equity accounting involves recognising the Groups’ share of the post acquisition results of Associatesin the Income Statement and its share of post acquisition movements within reserves in reserves.The cumulative post acquisition movements are adjusted against the cost of the investment andincludes goodwill on acquisition (net of accumulated amortisation). Equity accounting isdiscontinued when the carrying amount of the investment in an Associate reaches zero, unlessthe Group has incurred obligations or guaranteed obligations in respect of the Associate.

Unrealised gains on transactions between the Group and its Associates are eliminated to theextent of the Group’s interest in the Associates; unrealised losses are also eliminated unless thetransaction provides evidence on impairment of the asset transferred. Where necessary, in applyingthe equity method, adjustments are made to the Financial Statements of Associates to ensureconsistency of accounting policies with those of the Group.

( c )( c )( c )( c )( c ) Goodwill Or Reserve On ConsolidationGoodwill Or Reserve On ConsolidationGoodwill Or Reserve On ConsolidationGoodwill Or Reserve On ConsolidationGoodwill Or Reserve On Consolidation

Goodwill represents the excess of the cost of acquisition of Subsidiaries and Associates over theGroup’s share of the fair value of their identifiable net assets at the date of acquisition.

Goodwill on acquisitions of Subsidiaries are included in the balance sheet. Goodwill on consolidationis either written off in the year of acquisition or capitalised and amortised using the straight linemethod to Income Statement over its estimated useful life but not exceeding 20 years. The Directorsdetermine the estimated useful life of goodwill based on its evaluation of the respective enterprises atthe time of the acquisition, considering factors such as existing market share, potential growth andother factors inherent in the acquired enterprises.



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( c )( c )( c )( c )( c ) Goodwill Or Reserve On Consolidation Goodwill Or Reserve On Consolidation Goodwill Or Reserve On Consolidation Goodwill Or Reserve On Consolidation Goodwill Or Reserve On Consolidation (continued)

At each Balance Sheet date, the Group assesses whether there is any indication of impairment. Ifsuch indications exist, an analysis is performed to assess whether the carrying amount of the asset isfully recoverable. A write down is made if the carrying amount exceeds the recoverable amount. Seeaccounting policy Note (r) on Impairment Of Assets.

The gain or loss on disposal of an entity includes the carrying amount of goodwill relating to the entitydisposed of.

Reserve on consolidation represents the excess of Groups’ share of the fair value of identifiablenet assets acquired over the cost of acquisition. It is either capitalised in the year of acquisition orcapitalised and amortised through the Income Statement over 5 years or estimated useful life,whichever is shorter. Reserve on consolidation is presented in the same Balance Sheet classificationas goodwill.

( d )( d )( d )( d )( d ) Inventories And Properties Held For SaleInventories And Properties Held For SaleInventories And Properties Held For SaleInventories And Properties Held For SaleInventories And Properties Held For Sale

i. Inventories

Inventories consist of raw materials, stores, work in progress, completed shops and houses andmarketable securities.

Inventories are stated at the lower of cost and net realisable value. Cost is determined using thefirst-in-first-out method or on a weighted average method. The cost of finished goods and work inprogress comprises raw materials, direct labour, other direct costs and an appropriate proportionof production overheads (based on normal operating capacity). Inventories of completed shopsand houses consist of land cost, construction cost and infrastructure expenditure.

Net realisable value is the estimated selling price in the ordinary course of business, less thecosts of completion and selling expenses.

ii. Properties Held For Sale

Properties held for sale are stated at the lower of cost (or, carrying amount where the assetswere previously held for long term and stated at valuation) and net realisable value.

( e )( e )( e )( e )( e ) InvestmentsInvestmentsInvestmentsInvestmentsInvestments

i. Short Term Investments

Short term investments (within current assets) are carried at the lower of cost and market value,determined on an aggregate portfolio basis by category of investment. Cost is derived at on theweighted average basis. Market value is calculated by reference to stock exchange quoted sellingprices at the close of business on the Balance Sheet date. Increases/decreases in the carryingamount of marketable securities are credited/charged to the Income Statement.

On disposal of an investment, the difference between net disposal proceeds and its carryingamount is credited/charged to the Income Statement.

ii. Long Term Investments

Long term investments are shown at cost and an allowance for diminution in value is madewhere, in the opinion of the Directors, there is a decline other than temporary in the value of suchinvestments, such a decline is recognised as an expense in the period in which the decline isidentified.



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( e )( e )( e )( e )( e ) Investments Investments Investments Investments Investments (continued)

iii. Subsidiaries And Associates

Investments in Subsidiaries and Associates are stated at cost or at Directors’ valuation. Where anindication of impairment exists, the carrying amount of the investment is assessed and writtendown immediately to its recoverable amount. See accounting policy Note (r) on Impairment ofAssets.

( f )( f )( f )( f )( f ) Property, Plant and Equipment And DepreciationProperty, Plant and Equipment And DepreciationProperty, Plant and Equipment And DepreciationProperty, Plant and Equipment And DepreciationProperty, Plant and Equipment And Depreciation

Property, Plant and Equipment are stated at cost or valuation less accumulated depreciation/amortisation and impairment loss.

The land, estate development expenditure and buildings held by the Group have not been revaluedsince they were last revalued in the respective years as disclosed in Note 10 to the Financial Statements.All other Property, Plant and Equipment are stated at historical cost less accumulated depreciationand impairment loss. The Directors have not adopted a policy of regular revaluation of such assetsexcept for certain Subsidiaries whereby a policy of regular revaluation of land and buildings is adoptedand are appraised by independent professional valuers once in every 5 years. As permitted under thetransitional provisions of International Accounting Standard No. 16 (Revised) (as adopted by MASBStandard No. 15 “Property, Plant and Equipment”), these assets other than those of certain Subsidiariesas mentioned above are stated at their valuation in the respective years less accumulated depreciation.

Surpluses arising on revaluation are credited to Revaluation Reserve. Any deficit arising fromrevaluation is charged against the Revaluation Reserve to the extent of a previous surplus held in theRevaluation Reserve for the same asset. In all other cases, a decrease in carrying amount is chargedto Income Statement.

i. Amortisation

Leasehold land is amortised over the period of the leases ranging from 5 to 99 years for theGroup and the Corporation except for leasehold land and related properties in the hotel industry.No amortisation is provided on the leasehold hotel properties with unexpired lease periods of 20years or more. Hotel properties comprise land, hotel buildings and related plant. It is the Group’spractice to maintain the residual values of all its hotel properties at amounts at least equal to theirrespective book values such that depreciation would be insignificant. To confirm that the residualvalues of the hotel properties are at least equal to the respective book values the properties areappraised by independent professional valuers at least once in every 5 years on an existing usebasis.



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( f )( f )( f )( f )( f ) Property, Plant and Equipment And Depreciation Property, Plant and Equipment And Depreciation Property, Plant and Equipment And Depreciation Property, Plant and Equipment And Depreciation Property, Plant and Equipment And Depreciation (continued)

i. Amortisation (continued)

No amortisation is provided in respect of freehold land and estate development expenditure.

Forest concessions are amortised in direct proportion to the acreage extracted.

ii. Depreciation

All other Property, Plant and Equipment are depreciated on the straight line basis to write offthe cost of the assets, or their revalued amounts, to their residual values over their estimateduseful lives at the following annual rates :-

Buildings 2 % - 5%Furniture and Fittings 5 % - 20 %Plant, Machinery and Motor Vehicles 5 % - 25 %

Depreciation on assets under construction commences when the assets are ready for theirintended use.

At each Balance Sheet date, the Group assesses whether there is any indication of impairment.If such indications exist, an analysis is performed to assess whether the carrying amount of theasset is fully recoverable. A write down is made if the carrying amount exceeds the recoverableamount. See accounting policy Note (r) on Impairment of Assets.

Gains and losses on disposals are determined by comparing proceeds with carrying amount andare included in profit/(loss) from operations. On disposal of revalued assets, amounts in RevaluationReserve relating to those assets are transferred to Retained Earnings.

Repairs and maintenance are charged to the income statement during the period in which theyare incurred. The cost of major renovations is included in the carrying amount of the asset whenit is probable that future economic benefits in excess of the originally assessed standard ofperformance of the existing asset will flow to the Group. Major renovations are depreciated overthe remaining useful life of the related asset.



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( g )( g )( g )( g )( g ) Foreign CurrenciesForeign CurrenciesForeign CurrenciesForeign CurrenciesForeign Currencies

i. Reporting Currency

The Financial Statements are presented in Ringgit Malaysia.

ii. Foreign Entities

Income Statements of foreign entities are translated into Ringgit Malaysia at average exchangerates for the year and the Balance Sheets are translated at exchange rates ruling at the balancesheet date. Exchange differences arising from the retranslation of the net investment in foreignentities are taken to ‘Currency Fluctuation Reserve’ in equity. On disposal of the foreign entity,such translation differences are recognised in the Income Statement as part of the gain or losson disposal.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated asassets and liabilities of the Group and are translated accordingly at the exchange rate ruling atthe date of the transaction.

iii. Foreign Currency Transactions

Foreign currency transactions in Group companies are accounted for at exchange rates prevailingat the transaction dates, unless hedged by forward foreign exchange contracts, in which casethe rates specified in such forward contracts are used. Foreign currency monetary assets andliabilities are translated at exchange rates prevailing at the Balance Sheet date, unless hedgedby forward foreign exchange contracts, in which case the rates specified in such forwardcontracts are used. Exchange differences arising from the settlement of foreign currencytransactions and from the translation of foreign currency monetary assets and liabilities areincluded in the Income Statement.

iv. Closing Rates

The principal closing rates used in translation of foreign currency amounts are as follows :-

Foreign currency 2004 2003RM RM

1 US Dollar 3.80 3.801 Euro 5.17 4.741 Singapore Dollar 2.33 2.231 Australian Dollar 2.96 2.831 Great Britain Sterling Pound 7.32 6.741 Papua New Guinea Kina 1.21 1.151 Brunei Dollar 2.32 2.231 Philippines Peso 0.07 0.071000 Indonesian Rupiah 0.41 0.45

(h )( h )( h )( h )( h ) New Planting Expenditure And Replanting ExpenditureNew Planting Expenditure And Replanting ExpenditureNew Planting Expenditure And Replanting ExpenditureNew Planting Expenditure And Replanting ExpenditureNew Planting Expenditure And Replanting Expenditure

New planting expenditure incurred on land clearing and upkeep of trees to maturity is capitalisedunder land cost and is not amortised. Replanting expenditure is charged to the Income Statementwhen incurred.



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( i )( i )( i )( i )( i ) Income TaxesIncome TaxesIncome TaxesIncome TaxesIncome Taxes

Current tax expense is determined according to the Tax Laws of each jurisdiction in which the Groupoperates and include all taxes based upon the taxable profits, including witholding taxes payable by aforeign Subsidiary, Associate and real property gains taxes payable on disposal of properties.

Deferred tax is recognised in full, using the liability method, on temporary differences arising betweenthe amounts attributed to assets and liabilities for tax purposes and their carrying amounts in theFinancial Statements.

Deferred tax assets are recognised to the extent that it is probable that taxable profit will be availableagainst which the deductible temporary differences or unused tax losses can be utilised.

Deferred tax is recognised on temporary differences arising on investments in Subsidiaries andAssociates except where the timing of the reversal of the temporary difference can be controlled andit is probable that the temporary difference will not reverse in the forseeable future.

Tax rates enacted or substantively enacted by the Balance Sheet date are used to determinedeferred tax.

( j )( j )( j )( j )( j ) BorrowingsBorrowingsBorrowingsBorrowingsBorrowings

i. Classification

Borrowings are initially recognised based on the proceeds received, net of transaction costsincurred. In subsequent periods, borrowings are stated at amortised cost using the effective yieldmethod; any difference between proceeds (net of transaction costs) and the redemption value isrecognised in the Income Statement over the period of the borrowings.

Interest, dividends, losses and gains relating to a Financial Instrument, or a component part,classified as a liability is reported within finance cost in the Income Statement.

ii. Capitalisation of Borrowing Cost

Borrowing costs incurred to finance the construction of Property, Plant and Equipment arecapitalised as part of the cost of the asset during the period of time that is required to completeand prepare the asset for its intended use. Borrowing costs incurred to finance property developmentactivities and construction contracts are accounted for in a similar manner. All other borrowingcosts are expensed.

( k )( k )( k )( k )( k ) Government GrantsGovernment GrantsGovernment GrantsGovernment GrantsGovernment Grants

Grants from the government are recognised at their fair value where there is a reasonable assurancethat the grant will be received and the Group will comply with all attached conditions.

Government grants relating to costs are deferred and recognised in the Income Statement over theperiod necessary to match them with the costs they are intended to compensate.

Government grants relating to the purchase of Property, Plant and Equipment are included in noncurrent liabilities as deferred income and are credited to the Income Statement on the straight linebasis over the expected lives of the related assets.



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( l )( l )( l )( l )( l ) Other Intangible AssetsOther Intangible AssetsOther Intangible AssetsOther Intangible AssetsOther Intangible Assets

Expenditure on acquired master franchise rights is stated at cost and amortised using the straight linemethod over a period of 10 years.

Nurse training costs in the form of scholarship and other related costs are deferred during thetraining period. The expenditure is amortised over the bonded service period ranging from 3 to 5years after graduation, unless the continuing benefits will not accrue.

(m)(m)(m)(m)(m) Revenue RecognitionRevenue RecognitionRevenue RecognitionRevenue RecognitionRevenue Recognition

Revenue comprises the invoiced value for the sale of goods and services, net of sales taxes, rebatesand discounts, and after eliminating sales within the Group.

Revenue from the sale of goods is recognised when significant risks and rewards of ownership of thegoods are transferred to the buyer. Revenue from rendering of services is based on the stage ofcompletion determined by references to services performed to date as a percentage of total servicesto be performed.

Income from sale of industrial and development properties is recognised progressively based on stageof completion method. When forseeable losses on development projects are anticipated, full allowancefor these losses is made in the Financial Statements.

Interest income is recognised on a time proportion basis, taking into account the principaloutstanding and the effective rate over the period to maturity, when it is determined that suchincome will accrue to the Group. Dividends are recognised when the Group’s right to receivepayment is established.

(n )( n )( n )( n )( n ) Trade ReceivablesTrade ReceivablesTrade ReceivablesTrade ReceivablesTrade Receivables

Trade receivables are carried at invoiced amount less an allowance for doubtful debts. The allowanceis established when there is objective evidence that the Group will not be able to collect all amountsdue according to the original terms of receivables. The amount of the allowance is the differencebetween the carrying amount and the recoverable amount.

( o )( o )( o )( o )( o ) LeasesLeasesLeasesLeasesLeases

i. Finance Leases

Leases of Property, Plant and Equipment where the Group assumes substantially all the benefitsand risks of ownership are classified as finance leases.

Finance leases are capitalised at the inception of the lease at the lower of the fair value of theleased property or the present value of the minimum lease payments. Each lease payment isallocated between the liability and finance charges so as to achieve a periodic constant rate ofinterest on the balance outstanding. The corresponding rental obligations, net of finance charges,are included in borrowings. The interest element of the finance charge is charged to the incomestatement over the lease period.

Property, Plant and Equipment acquired under finance leases is depreciated over the shorter ofthe estimated useful life of the asset and the lease term.



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( o )( o )( o )( o )( o ) Leases Leases Leases Leases Leases (continued)

ii. Operating Leases

Leases of assets where a significant portion of the risks and rewards of ownership are retained bythe lessor are classified as operating leases. Payments made under operating leases (net of anyincentives received from the lessor) are charged to the Income Statement on the straight linebasis over the lease period.

When an operating lease is terminated before the lease period has expired, any payment requiredto be made to the lessor by way of penalty is recognised as an expense in the period in whichtermination takes place.

( p )( p )( p )( p )( p ) Cash and Cash EquivalentsCash and Cash EquivalentsCash and Cash EquivalentsCash and Cash EquivalentsCash and Cash Equivalents

For the purposes of the cash flow statement, cash and cash equivalents comprise cash in hand,deposits held at call with banks, other short term, highly liquid investments that are readily convertibleto known amounts of cash and which are subject to an insignificant risk of changes in value and bankoverdrafts. Bank overdrafts are included within borrowings in current liabilities on the Balance Sheet.

( q )( q )( q )( q )( q ) Financial InstrumentsFinancial InstrumentsFinancial InstrumentsFinancial InstrumentsFinancial Instruments

i. Description

A Financial Instrument is any contract that gives rise to both a financial asset of one enterpriseand a financial liability or equity instrument of another enterprise.

A financial asset is any asset that is cash, a contractual right to receive cash or another finan-cial asset from another enterprise, a contractual right to exchange Financial Instruments withanother enterprise under conditions that are potentially favourable, or an equity instrument ofanother enterprise.

A financial liability is any liability that is a contractual obligation to deliver cash or another financialasset to another enterprise, or to exchange Financial Instruments with another enterprise underconditions that potentially unfavourable.

ii. Financial Instruments recognised on the Balance Sheet

The particular recognition method adopted for Financial Instruments recognised on the BalanceSheet is disclosed in the individual policy statements associated with each item.

iii. Financial Instruments not recognised on the Balance Sheet

The Group is a party to Financial Instruments that comprise foreign currency forward contracts.These instruments are not recognised in the Financial Statements on inception.

Foreign currency forward contracts

The Group enters into foreign currency forward contracts to protect the Group from movementsin exchange rates by establishing the rate at which a foreign currency asset or liability will besettled.

Exchange gains and losses arising on contracts entered into as hedges of anticipated futuretransactions are deferred until the date of such transaction, at which time they are included inthe measurement of such transactions.



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( q )( q )( q )( q )( q ) Financial Instruments Financial Instruments Financial Instruments Financial Instruments Financial Instruments (continued)

iii. Financial Instruments not recognised on the Balance Sheet (continued)

All other exchange gains and losses relating to hedge instruments are recognised in the IncomeStatement in the same period as the exchange differences on the underlying hedged items.Gains and losses on contracts that are no longer designated as hedges are included in theIncome Statement.

iv. Fair value estimation for disclosure purposes

The fair value of publicly traded securities is based on quoted market prices at the BalanceSheet date.

The fair value of financial liabilities is estimated by discounting the future contractual cash flowsat the current market interest rate available to the Group for similar Financial Instruments.

The face values for the financial assets and financial liabilities with a maturity of less than oneyear are assumed to approximate their fair values.

( r )( r )( r )( r )( r ) Impairment of AssetsImpairment of AssetsImpairment of AssetsImpairment of AssetsImpairment of Assets

Property, plant and equipment and other non-current assets, including intangible assets, are reviewedfor impairment losses whenever events or changes in circumstances indicate that the carrying amountmay not be recoverable. Impairment loss is recognised for the amount by which the carrying amountof the asset exceeds its recoverable amount. The recoverable amount is the higher of an asset’s netselling price and value in use. For the purposes of assesing impairment, assets are grouped at thelowest level for which there is separately identifiable cash flows.

The impairment loss is charged to the Income Statement unless it reverses a previous revaluation inwhich case it is charged to the revaluation surplus. Any subsequent increase in recoverable amount isrecognised in the Income Statement unless it reverses an impairment loss on a revalued asset inwhich case it is taken to revaluation surplus.

(s )(s )(s )(s )(s ) Segment ReportingSegment ReportingSegment ReportingSegment ReportingSegment Reporting

Segment reporting is presented for enhanced assessment of the Group’s risks and returns. Businesssegments provide products or services that are subject to risk and returns that are different fromthose of other business segments. Geographical segments provide products or services within aparticular economic environment that is subject to risks and returns that are different from thosecomponents operating in other economic environments.

Segment revenue, expense, assets and liabilities are those amounts resulting from the operatingactivities of a segment that are directly attributable to the segment and the relevant portion that canbe allocated on a reasonable basis to the segment. Segment revenue, expense, assets and liabilitiesare determined before intragroup balances and intragroup transactions are eliminated as part of theconsolidation process, except to the extent that such intragroup balances and transactions are betweengroup enterprises within a single segment.



financial report


( t )( t )( t )( t )( t ) Construction contractsConstruction contractsConstruction contractsConstruction contractsConstruction contracts

A construction contract is a contract specifically negotiated for the construction of an asset or acombination of assets that are closely interrelated or interdependent in terms of design, technologyand functions or ultimate purpose or use.

When the outcome of a construction contract can be estimated reliably, contract revenue and contractcosts are recognised by using the stage of completion method. The stage of completion is measuredby reference to the proportion that contract costs incurred for work performed to date bear to theestimated total costs for the contract.

When the outcome of a construction contract cannot be estimated reliably, contract revenue isrecognised only to the extent of contract costs incurred that is probable will be recoverable; contractcosts are recognised when incurred.

Irrespective whether the outcome of a construction contract can be estimated reliably, when it isprobable that total contract costs will exceed total contract revenue, the expected loss is recognisedas expense immediately.

The aggregate of the costs incurred and the profit/loss recognised on each contract is comparedagainst the progress billings up to the period end. Where costs incurred and recognised profits (lessrecognised losses) exceed progress billings, the balance is shown as amounts due from customers onconstruction contracts under receivables, deposits and prepayments (within current assets). Whereprogress billings exceed costs incurred plus recognised profits (less recognised losses), the balanceis shown as amounts due to customers on construction contracts under payables (within currentliabilities).

( u )( u )( u )( u )( u ) Employee benefitsEmployee benefitsEmployee benefitsEmployee benefitsEmployee benefits

i. Short term employee benefits

Wages, salaries, paid annual leave and sick leave, bonuses, and non-monetary benefits are accruedin the period in which the associated services are rendered by employees of the Group.

ii. Post-employment benefits

The Group has various post-employment benefit schemes in accordance with local conditions andpractices in the countries in which it operates. These benefit plans are either defined contributionor defined benefit plans.

Defined contribution plansDefined contribution plansDefined contribution plansDefined contribution plansDefined contribution plans

A defined contribution plan is a pension plan under which the Group pays fixed contributions intoa separate entity (a fund) and will have no legal or constructive obligations to pay furthercontributions if the fund does not hold sufficient assets to pay all employees benefits relating toemployee service in the current and prior periods.

The Group’s contributions to defined contribution plans are charged to the Income Statement inthe period to which they relate. Once the contributions have been paid, the Group has no furtherpayment obligations.



financial report


( u )( u )( u )( u )( u ) Employee benefits Employee benefits Employee benefits Employee benefits Employee benefits (continued)

ii. Post-employment benefits (continued)

Defined benefit plansDefined benefit plansDefined benefit plansDefined benefit plansDefined benefit plans

The liability in respect of a defined benefit plan is the present value of the defined benefit obligationat the Balance Sheet date minus the fair value of plan assets, together with adjustments foractuarial gains/losses and past service cost. The Group determines the present value of thedefined benefit obligation and the fair value of any plan assets with sufficient regularity such thatthe amounts recognised in the financial statements do not differ materially from the amounts thatwould be determined at the Balance Sheet date.

The defined benefit obligation, calculated using the projected unit credit method, is determinedby independent actuaries, considering the estimated future cashflows using market yields atBalance Sheet date of government securities which have currency and terms to maturityapproximating the terms of the related liability.

Actuarial gains and losses arise from experience adjustments and changes in actuarialassumptions. The amount of net actuarial gains and losses recognised in the Income Statementis determined by the corridor method in accordance with MASB 29 and is charged or creditedto income over the average remaining service lives of the related employees participating in thedefined benefit plan.

Upon initial adoption of MASB 29 on 1 April 2003, the increase in defined benefit liability isrecognised as an expense on straight line basis over 5 years in accordance with the transitionalprovision of the Standard.

iii. Termination benefits

Termination benefits are payable whenever an employee’s employment is terminated before thenormal retirement date or whenever an employee accepts voluntary redundancy in exchange forthese benefits. The Group recognises termination benefits when it is demonstrably committed toeither terminate the employment of current employees according to a detailed formal plan withoutpossibility of withdrawal or to provide termination benefits as a result of an offer made to encouragevoluntary redundancy. Benefits falling due more than 12 months after Balance Sheet date arediscounted to present value.



financial report


( v )( v )( v )( v )( v ) Property development activitiesProperty development activitiesProperty development activitiesProperty development activitiesProperty development activities

i. Land held for property development

Land held for property development consist of land on which no significant development work hasbeen undertaken or where development activities are not expected to be completed within thenormal operating cycle. Such land is classified as non-current asset and is stated at cost lessaccumulated impairment losses.

Cost associated with the acquisition of land includes the purchase price of land, professionalfees, stamp duties, commissions, conversion fees and other relevant levies. Where an indicationof impairment exists, the carrying amount of the asset is assessed and written down immediatelyto its recoverable amount.

Land held for property development is transferred to property development costs (under currentassets) when development activities have commenced and where the development activities canbe completed within the Group’s normal operating cycle of 2 to 4 years.

ii. Property development costs

Property development costs comprise costs associated with the acquisition of land and all costsdirectly attributable to development activities or that can be allocated on a reasonable basis tothese activities.

When the outcome of the development activity can be estimated reliably, property developmentrevenue and expenses are recognised by using the stage of completion method. The stage ofcompletion is measured by reference to the proportion that property development costs incurredbear to the estimated total costs for the property development.

When the outcome of a development activity cannot be reliably estimated, property developmentrevenue is recognised only to the extent of property development costs incurred that is probablewill be recoverable; property development costs on the development units sold are recognisedwhen incurred.

Irrespective of whether the outcome of a property development activity can be estimated reliably,when it is probable that total property development costs (including expected defect liabilityexpenditure) will exceed total property development revenue, the expected loss is recognised asan expense immediately.

Property development costs not recognised as an expense is recognised as an asset and is statedat the lower of cost and net realisable value.

Where revenue recognised in the Income Statement exceed billings to purchasers, the balance isshown as accrued billings under receivables, deposits and prepayments (within current assets).Where billings to purchasers exceed revenue recognised in the Income Statement, the balance isshown as progress billings under payables (within current liabilities).

During the financial year, the group adopted Malaysian Accounting Standard Board (MASB)Standard No. 32, Property Development Activities. The adoption of MASB 32 has not given rise toany adjustments to the opening balances of unappropriated profit of the prior year and currentyear.



financial report

44444 REVENUEREVENUEREVENUEREVENUEREVENUE Group Corporation2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Sale Of Goods 1,556,272 1,289,412 154,410 142,887Income From Property And Industrial Development 152,481 190,644 93,882 35,539Income From Hospital Services 383,606 474,120 - -Income From Hotel And Tourism Services 32,055 33,695 - -Income For Management Services 37,006 18,063 - -Sale Of Short Term Investments 8,714 6,220 6,585 6,088Dividend Income 5,466 4,244 27,076 18,465Rental Income 79,387 43,347 23,840 23,077Interest Income 16 20 - -Income From Transportation Services 19,996 23,836 - -Rendering Of Other Services 268,384 55,372 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH2,543,3832,543,3832,543,3832,543,3832,543,383 2,138,9732,138,9732,138,9732,138,9732,138,973 305,793305,793305,793305,793305,793 226,056226,056226,056226,056226,056NNNNNNN NNNNNNN NNNNNNN NNNNNNN

55555 PROFIT FROM OPERATIONSPROFIT FROM OPERATIONSPROFIT FROM OPERATIONSPROFIT FROM OPERATIONSPROFIT FROM OPERATIONS

The following items have been charged in arriving at profit from operations :


RM’000 RM’000 RM’000 RM’000

Auditors’ Remuneration :- Current year 1,681 2,733 100 92- Underprovision of prior year 136 106 - -Property, Plant And Equipment:- Depreciation 157,395 152,315 15,000 13,186- Written Off 5,917 7,692 126 177- Impairment Loss Included Within ‘Administrative Expenses’ 29,932 19,617 - -Staff Costs (Note 6) 324,263 283,409 14,701 15,662Rental Of Offices And Buildings 44,604 39,890 96 118Hire of Property, Plant And Equipment 11,817 5,622 - -Impairment Losses In Value Of Investments 58,572 30,107 15,715 105,571Allowance For Doubtful Debts 13,557 126,891 27,701 69,016Replanting Expenditure 11,303 10,996 - -Amortisation Of Intangible Assets 15,306 21,429 - -Allowance For Diminution In Value Of Development Expenditure - 4,533 - -Investments Written Off 82,168 114 82,168 54Bad Debts Written Off 2,378 1,717 346 551Allowance For Obsolete Inventories - 146 - -Inventories Written Down/Written-off 434 226 - -Development Expenditure :- Written Off 108,300 2,705 - 1,544- Amortisation 6,500 6,500 - -



financial report

55555 PROFIT FROM OPERATIONS PROFIT FROM OPERATIONS PROFIT FROM OPERATIONS PROFIT FROM OPERATIONS PROFIT FROM OPERATIONS (continued)


RM’000 RM’000 RM’000 RM’000

Net Loss On Foreign Exchange :- Realised 255 329 - 116- Unrealised 22,459 1,324 - -Goodwill Written Off 2,723 3,471 - -Loss On Disposal Of Investment In :- Subsidiaries 5,710 - 3,180 -- Associates 1,088 - 24 -- Other Investments 3,011 - - 4,944


And after crediting the following items :-

Gross Dividends :- Quoted Shares In Malaysia 1,302 826 24,018 19,951- Unquoted Shares In Malaysia 2,968 3,418 3,058 1,486Write Back Of Impairment Loses In Value Of Investments 103,517 175,342 156,577 486,745Write Back Of Allowance For Doubtful Debts 7,422 63,946 7,128 59,482Bad Debts Recovered 1,967 64,263 - -Write Back Of Allowance For Obsolete Stocks 17 137 - -Gain On Disposal Of Investments In:- Subsidiaries 19,187 342 9,256 5,628- Associates 3,753 1,680 - 1,680- Other Investments 6,047 83 - -Gain On Sale Of Property, Plant And Equipment 7,499 7,036 329,651 6,915Unrealised Foreign Exchange Gain On Intercompany Advances - 11,459 - -Gain On Sale Of Land And Development Expenditure 61,063 21,080 42,511 21,080Interest Income 12,236 21,228 6,093 13,304Rental Income 31,305 23,555 23,840 23,077Amortisation Of Reserves On Consolidation 14,866 9,936 - -Net Gain On Foreign Exchange :- Realised 6,249 13,236 10 -- Unrealised 153 6,181 - -Adjustment On Cost Of Land Under Development To Net Realisable Value - 65,017 - -Creditors Written Back / Waived 4,038 - - -Compensation From The State Government For Early Termination Of Agreement 60,819 - - -




financial report

66666 STAFF COSTSSTAFF COSTSSTAFF COSTSSTAFF COSTSSTAFF COSTS


RM’000 RM’000 RM’000 RM’000

Wages, Salaries And Bonus 285,395 250,469 13,093 13,771Defined Contribution Retirement Plan 26,760 22,471 1,176 1,388Termination Benefits 58 764 - -Other Employee Benefits 12,050 9,705 432 503



The number of staff at the end of the year amounted to 25,420 persons (2003 : 24,016 persons) in theGroup and 239 persons (2003 : 239 persons ) in the Corporation.

Employee Share Option SchemeEmployee Share Option SchemeEmployee Share Option SchemeEmployee Share Option SchemeEmployee Share Option Scheme

The Johor Corporation Employee Share Option Scheme (“ESOS”) was established on 14 September2004 pursuant to the Trust Deed between Johor Corporation (“JCorp”) and Johor Ventures Sdn Bhd(“JVSB”), in which certain shares in JCorp’s listed companies, namely Kulim (M) Berhad, KPJ HealthcareBerhad, Sindora Berhad and Johor Land Berhad, were transferred to and held in trust by JVSB asTrustee under the Scheme. JVSB agreed to hold the shares owned by JCorp and shall deal with theshares in accordance with the written instructions of JCorp and specifically, for the purpose of grantingoptions to Directors and employees of the JCorp Group as approved by JCorp and agreed to sell andtransfer the shares in accordance with the terms of the respective Option Agreements entered intobetween JVSB and the Qualified Option Holders of the JCorp Group.

The main features of the JCorp ESOS are as follows:

i) Option is for 5 year period commencing from 16 September 2004 and expiring on 15 September2009 or such extended date as may be agreed by the parties in writing;

ii) Option holder may exercise option at any time but each exercise must be for a minimum of 20% of hisentitlement;

iii) Board of JCorp will determine which Directors and employees are eligible;

iv) Option holder must settle the option price at time of issuing notice of exercise of option;

v) The option price is as per stated in the First Schedule of the Option Agreement entered into betweenthe Qualified Option Holder and JVSB; and

vi) If at any time within the first 12 months of ESOS Option holder becomes eligible for the IntrapreneurScheme, he will lose entitlement under the ESOS to the extent of the value of shares under theIntrapreneur Scheme.



financial report

77777 DIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATIONDIRECTORS’ REMUNERATION


RM’000 RM’000 RM’000 RM’000

Non-executive Directors :- Fees 550 825 550 825Executive Directors :- Fees 207 233 50 75- Salaries And Bonus 416 460 416 460- Defined Contribution Retirement Plan 57 48 57 48- Other Employee Benefits 269 264 269 264



88888 FINANCE COSTSFINANCE COSTSFINANCE COSTSFINANCE COSTSFINANCE COSTS


RM’000 RM’000 RM’000 RM’000

Bank Overdraft Interest 3,010 4,018 - -Short Term Borrowings Interest 23,131 25,171 15,116 15,055Term Loan Interest 42,250 42,662 17 204Interest On Hire Purchase 2,489 1,634 - -Interest On Loan Stock 1,221 5,086 - -Interest On Guaranteed Redeemable Islamic Bonds 161,435 161,438 161,435 161,438Interest On Redeemable Secured Certificates 3,783 4,059 3,783 4,059Interest On Federal Government Loans 1,621 1,870 1,621 1,870Interest On Late Charges 1,201 62 - -Others (2,166) 1,341 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHTotal Interest Expenses 237,975 247,341 181,972 182,626

Less : Amount Capitalised To : Land And Development Expenditure (Note 11) (3,877) (3,138) - - Property, Plant And Equipment (Note 10) (2,816) (745) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHInterest Expense Charged To Income Statement 231,282 243,458 181,972 182,626Fixed Deposit Interest Income (72) (45) - -





financial report

99999 TAXTAXTAXTAXTAX


RM’000 RM’000 RM’000 RM’000Current Tax For The Year :- Malaysia 73,576 62,197 12,443 21,307- Foreign 39,413 25,357 - -

Deferred Tax (Note 23) :- Malaysia (1,758) 7,878 (3,909) (1,974)- Foreign 9,299 9,749 - -

Share Of Tax In Associates 4,575 4,675 - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH125,105125,105125,105125,105125,105 109,856109,856109,856109,856109,856 8,534 8,534 8,534 8,534 8,534 19,33319,33319,33319,33319,333


Current TaxCurrent TaxCurrent TaxCurrent TaxCurrent Tax- Current year 121,653 95,420 12,443 21,307- Over accruals in prior years (net) (4,566) (3,191) - -


Deferred TaxDeferred TaxDeferred TaxDeferred TaxDeferred TaxOrigination and reversal of temporary differences 8,018 17,627 (3,909) (1,974)

HHHHHHH HHHHHHH HHHHHHH HHHHHHH 125,105 125,105 125,105 125,105 125,105 109,856109,856109,856109,856109,856 8,534 8,534 8,534 8,534 8,534 19,33319,33319,33319,33319,333NNNNNNN NNNNNNN NNNNNNN NNNNNNN



financial report

99999 TAX TAX TAX TAX TAX (continued)

Numerical reconciliation between tax expense and the product of accounting profit multipliedNumerical reconciliation between tax expense and the product of accounting profit multipliedNumerical reconciliation between tax expense and the product of accounting profit multipliedNumerical reconciliation between tax expense and the product of accounting profit multipliedNumerical reconciliation between tax expense and the product of accounting profit multipliedby the Malaysian Income Tax Rateby the Malaysian Income Tax Rateby the Malaysian Income Tax Rateby the Malaysian Income Tax Rateby the Malaysian Income Tax Rate


RM’000 RM’000 RM’000 RM’000

ProfitProfitProfitProfitProfit from ordinary activities before taxfrom ordinary activities before taxfrom ordinary activities before taxfrom ordinary activities before taxfrom ordinary activities before tax 204,715204,715204,715204,715204,715 262,843262,843262,843262,843262,843 254,115254,115254,115254,115254,115 296,517296,517296,517296,517296,517NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Tax calculated at the Malaysian Income Tax Rate of 28% (2003 : 28%) 57,321 73,596 71,152 83,025Effect of different tax rate of 20% (2003 : 20%) on first RM500,000 (2003 : RM100,000) for qualified and medium enterprise (318) (80) - -Tax effects of :- different tax rates in other countries 831 1,718 - -- expenses not deductible for tax purposes 108,696 199,084 36,974 50,433- income not subject to tax (29,458) (172,804) (95,172) (114,125)- deferred tax asset (recognised) / not recognised (7,401) 11,533 (4,420) -Over accruals in prior years (net) (4,566) (3,191) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHTax expenseTax expenseTax expenseTax expenseTax expense 125,105125,105125,105125,105125,105 109,856109,856109,856109,856109,856 8,5348,5348,5348,5348,534 19,33319,33319,33319,33319,333




financial report

1010101010 PROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENTPROPERTY, PLANT AND EQUIPMENT

NON CURRENTFurniture &

Fittings,Estate Plant & Capital

Freehold Leasehold Development Machinery and Work Land Land Expenditure Buildings Motor Vehicles In Progress Total

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Group - 2004Group - 2004Group - 2004Group - 2004Group - 2004

Cost or Valuation

At 1 January 1,512,730 645,194 964,309 1,125,104 1,162,807 149,899 5,560,043Additions 255,202 4,677 42,993 109,271 105,599 94,532 612,274Disposals (28,721) (3,383) - (7,563) (29,160) - (68,827)Write Off - (2,277) (2,461) (1,943) (14,408) - (21,089)Transfers - - 1,285 33,414 17,745 (52,708) (264)Disposal Of Subsidiaries (10,825) (71,010) (1,747) (7,776) (62,495) - (153,853)Acquisition Of A Subsidiary 18,846 68,228 47,694 5,919 53,581 45 194,313Exchange Differences - (1,292) (5,634) 5,889 11,703 1,346 12,012Revaluation Deficit - (6,756) - (12,699) - - (19,455)Deregistered Subsidiaries - - - - (554) - (554)

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHAt 31 December 1,747,232 633,381 1,046,439 1,249,616 1,244,818 193,114 6,114,600


Accumulated Depreciation

At 1 January - 61,023 125,780 251,996 717,197 - 1,155,996Charge For The Year - 6,626 19,914 33,320 97,503 - 157,363Disposals - (221) - (2,260) (24,750) - (27,231)Write Off - (291) - (1,121) (13,760) - (15,172)Transfers - - - (104) (22) - (126)Disposal Of Subsidiaries - (5,036) - (2,221) (44,632) - (51,889)Acquisition Of A Subsidiary - 1,632 4,393 1,969 37,454 - 45,448Exchange Differences - (173) (13) 1,978 8,438 - 10,230Deregistered Subsidiaries - - - - (547) - (547)


At 31 December - 63,560 150,074 283,557 776,881 - 1,274,072HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH



financial report

1010101010 PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT (continued)

NON CURRENT (continued)Furniture &



RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Group - 2004Group - 2004Group - 2004Group - 2004Group - 2004

Accumulated Impairment Losses

At 1 January - 1,299 36,452 7,502 855 334 46,442Additions - 1,045 27,128 1,232 14 333 29,752Disposal Of Subsidiary - (633) - (433) - - (1,066)


At 31 December - 1,711 63,580 8,301 869 667 75,128HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH

Net Book Value At 31 December 1,747,232 568,110 832,785 957,757 467,068 192,448 4,765,400




financial report





RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Group - 2003Group - 2003Group - 2003Group - 2003Group - 2003

Cost or Valuation

At 1 January 1,486,354 607,163 917,629 1,064,050 1,046,022 105,093 5,226,311Additions 30,707 26,900 7,617 13,475 52,543 149,271 280,513Disposals (634) (413) - (7,701) (20,606) - (29,354)Write Off (3,697) (334) (1) (1,389) (12,766) (14) (18,201)Transfers - - 16,839 31,209 72,341 (120,389) -Disposal Of Subsidiaries - (734) - (359) (2,119) - (3,212)Acquisition Of A Subsidiary - 9,616 - 1,438 6,633 - 17,687Adjustments - - - (227) (3,899) 660 (3,466)Exchange Differences - 2,996 22,225 24,608 24,658 15,278 89,765

HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHHAt 31 December 1,512,730 645,194 964,309 1,125,104 1,162,807 149,899 5,560,043



At 1 January - 52,508 98,966 218,414 627,968 - 997,856Charge For The Year - 8,952 16,765 31,386 95,566 - 152,669Disposals - (40) - (4,264) (14,644) - (18,948)Write Off - - (1) (994) (9,514) - (10,509)Disposal Of Subsidiaries - (773) - (337) (1,180) - (2,290)Acquisition Of A Subsidiary - - - 381 2,989 - 3,370Adjustments - - 1,715 (71) (3,354) - (1,710)Exchange Differences - 376 8,335 7,480 19,366 - 35,557


At 31 December - 61,023 125,780 251,995 717,197 - 1,155,995HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH



financial report


NON CURRENT (continued)

Furniture &Fittings,

Estate Plant & CapitalFreehold Leasehold Development Machinery and Work

Land Land Expenditure Buildings Motor Vehicles In Progress TotalRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000


Accumulated Impairment Losses

At 1 January - 1,299 16,410 7,579 1,536 - 26,824Additions - - 20,042 (78) (681) 334 19,617


At 31 December - 1,299 36,452 7,501 855 334 46,441HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH

Net Book Value At 31 December 1,512,730 582,872 802,077 865,608 444,755 149,565 4,357,607




financial report



Fittings,Plant & Capital

Freehold Leasehold Machinery and WorkLand Land Buildings Motor Vehicles In Progress Total

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Corporation - 2004Corporation - 2004Corporation - 2004Corporation - 2004Corporation - 2004

Cost or Valuation

At 1 January 233,150 260,002 220,077 72,249 3,674 789,152Additions 182 3,472 24,006 4,452 1,317 33,429Transfers - - (175) - - (175)Disposals (28,360) (246) (6,571) (624) - (35,801)Reclassification - - 4,521 470 (4,991) -Write Off - - - (1,283) - (1,283)


At 31 December 204,972 263,228 241,858 75,264 - 785,322HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH


At 1 January - 7,934 62,599 55,723 - 126,256Charge For The Year - 1,003 9,659 4,431 - 15,093Transfers - - (93) - - (93)Disposals - (14) (1,761) (548) - (2,323)Reclassification - - (2) 2 - -Write Off - - - (1,157) - (1,157)


At 31 December - 8,923 70,402 58,451 - 137,776HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH

Net Book Value At 31 December 204,972 254,305 171,456 16,813 - 647,546


Corporation - 2003Corporation - 2003Corporation - 2003Corporation - 2003Corporation - 2003

Cost or Valuation

At 1 January 233,724 243,436 191,005 71,846 - 740,011Additions - 16,945 34,520 2,350 3,674 57,489Disposals (574) (344) (5,258) (836) - (7,012)Write Off - (35) (190) (1,111) - (1,336)


At 31 December 233,150 260,002 220,077 72,249 3,674 789,152HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH


At 1 January - 7,219 58,025 53,338 - 118,582Charge For The Year - 747 8,392 4,047 - 13,186Disposals - (32) (3,642) (680) - (4,354)Write Off - - (176) (982) - (1,158)


At 31 December - 7,934 62,599 55,723 - 126,256HHHHH HHHHH HHHHH HHHHH HHHHH HHHHH

Net Book Value At 31 December 233,150 252,068 157,478 16,526 3,674 662,896




financial report


CURRENTFurniture &

Fittings, Plant &Machinery And

Building Motor Vehicles TotalRM’000 RM’000 RM’000


Cost or Valuation

At 1 January 246 1,745 1,991Write Off - - -

HHHHHHH HHHHHHH HHHHHHHAt 31 December 246 1,745 1,991


Less : Accumulated Depreciation

At 1 January 90 1,028 1,118Charge For The Year 15 115 130Write Off - - -



Less : Accumulated Impairment Losses

At 1 January 22 174 196Additions 17 163 180

HHHHHHH HHHHHHH HHHHHHHAt 31 December 39 337 376

HHHHHHH HHHHHHH HHHHHHHNet Book Value At 31 December 102 265 367




financial report


CURRENT (continued)

Furniture &Fittings, Plant &Machinery And

Building Motor Vehicles TotalRM’000 RM’000 RM’000


Cost or Valuation

At 1 January 246 1,747 1,993Write Off - (2) (2)



Less : Accumulated Depreciation

At 1 January 76 913 989Charge For The Year 14 117 131Write Off - (2) (2)



Less : Accumulated Impairment Losses

At 1 January 22 174 196Additions - - -

HHHHHHH HHHHHHH HHHHHHHAt 31 December 22 174 196

HHHHHHH HHHHHHH HHHHHHHNet Book Value At 31 December 134 543 677




financial report


Depreciation charge is further analysed as follows : Group

2004 2003RM’000 RM’000

Charged To Income Statement 157,395 152,315Capitalised To Immature Plantation 98 485


NNNNNNN NNNNNNN

The net book value of Property, Plant and Equipment acquired under finance leases of the Group amountedto RM47,652,000 (2003 : RM28,665,000).

Included in additions of the Group is borrowing cost of RM2,816,000 (2003 : RM745,000) capitalisedduring the year. (Refer Note 8)

During the year, the Group acquired Property, Plant and Equipment with an aggregate cost ofRM612,274,000 (2003 : RM280,513,000), of which RM23,986,000 (2003 : RM13,410,000) wereacquired by means of finance lease, RM46,300 (2003 : RM Nil) were traded in, RM95,600,000 (2003: RM Nil) acquired by means of term loan and RM213,437,000 (2003 : RM Nil) were granted viaGovernment Grant and non monetary compensation. Cash payments of RM279,205,000 (2003 :RM267,103,000) were made to purchase these assets.

As at 31 December 2004, Property, Plant and Equipment of the Group and the Corporation with net bookvalue of RM1,786,655,000 (2003 : RM1,585,233,000) and RM330,852,000 (2003 : RM330,618,000)respectively, are pledged as security for borrowings.

Property, Plant and Equipment of the Corporation with net book value of RM214,947,000 (2003 :RM213,198,000) are registered under the names of Subsidiaries and are in the process of being transferredto the name of the Corporation.

Property, Plant and Equipment of certain Subsidiaries with net book value of RM16,263,000 (2003 :RM19,784,000) are registered in the name of the Corporation and are in the process of being transferredto the names of the Subsidiaries.

Property, Plant and Equipment of certain Subsidiaries with net book value of RM2,046,000 (2003 :RM1,228,000) are registered under the names of third parties and are in the process of being transferredto the names of the Subsidiaries.

Certain lands, estate development expenditure and buildings were revalued based on valuations byindependent valuers between 1981 and 1997 using the open market basis except for leasehold land of aSubsidiary based on Directors’ valuation in 1982 as agreed by shareholders per their joint venture agreement,freehold land of a Subsidiary revalued by the Directors on an existing use basis in 1980 and buildings of aSubsidiary revalued based on valuation by independent valuers on an existing use basis in 1995. In 2000,land and buildings of certain Subsidiaries were revalued based on valuation by independent professionalvaluers to reflect market value for existing use. The book values of land and buildings were adjusted toreflect the revaluation and the resultant surpluses were credited to capital reserves.



financial report


If the total amounts of land, estate development expenditure, forest concessions and buildings had beendetermined in accordance with the historical cost convention, they would have been stated at :-


RM’000 RM’000 RM’000 RM’000Cost

Freehold Land 372,687 334,369 204,569 207,553Leasehold Land 426,359 366,032 229,423 226,197Estate Development Expenditure 645,499 387,596 - -Forest Concessions 2,700 2,700 - -Buildings 676,803 653,431 241,857 220,077

HHHHHHH HHHHHHH HHHHHHH HHHHHHH2,124,048 1,744,128 675,849 653,827

Less : Accumulated Depreciation (194,092) (161,296) (79,325) (70,534)HHHHHHH HHHHHHH HHHHHHH HHHHHHH1,929,9561,929,9561,929,9561,929,9561,929,956 1,582,8321,582,8321,582,8321,582,8321,582,832 596,524596,524596,524596,524596,524 583,293583,293583,293583,293583,293NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Land, Estate Development Expenditure, And Buildings :

Cost

Freehold Land 395,739 187,364 204,569 207,553Leasehold Land 264,312 343,276 229,423 226,197Estate Development Expenditure 839,973 757,712 - -Buildings 906,907 973,816 241,858 220,077

Valuation

Freehold Land 1,351,493 1,325,364 403 25,597Leasehold Land 369,069 301,922 33,805 33,805Estate Development Expenditure 206,466 206,596 - -Buildings 342,709 151,287 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH4,676,6684,676,6684,676,6684,676,6684,676,668 4,247,3374,247,3374,247,3374,247,3374,247,337 710,058710,058710,058710,058710,058 713,22713,22713,22713,22713,2299999NNNNNNN NNNNNNN NNNNNNN NNNNNNN



financial report

11 PROPERTY DEVELOPMENT ACTIVITIES11 PROPERTY DEVELOPMENT ACTIVITIES11 PROPERTY DEVELOPMENT ACTIVITIES11 PROPERTY DEVELOPMENT ACTIVITIES11 PROPERTY DEVELOPMENT ACTIVITIES

(a) Land held for property development(a) Land held for property development(a) Land held for property development(a) Land held for property development(a) Land held for property development Group Corporation2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000At cost: Freehold land 297,010 298,283 162,776 162,775 Leasehold land 102,354 104,906 - - Development expenditure 430,234 406,439 333,269 322,632


Less : Accumulated cost charged to income statement (76,202) (42,154) (9,668) -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHAt beginning of the year 753,396 767,474 486,377 485,407


Cost incurred during the year: Freehold land 38,683 - - - Development expenditure 124,392 48,714 113,990 14,590



Cost charged to income statement (161,517) (34,048) (144,388) (9,668)Disposal during the year: Freehold land (20,059) - - - Development expenditure (7,312) (24,919) (195) (3,952)


HHHHHHH HHHHHHH HHHHHHH HHHHHHHTransfer to property development costs: Freehold land - (1,273) - - Leasehold land (Note 11(b)) (4,135) (2,552) - -


NNNNNNN NNNNNNN NNNNNNN NNNNNNNAt cost: Freehold land 315,634 297,010 162,776 162,776 Leasehold land 98,136 102,354 - - Development expenditure 487,946 430,234 447,065 333,269


Less : Accumulated cost charged to income statement (178,268) (76,202) (154,057) (9,668)

HHHHHHH HHHHHHH HHHHHHH HHHHHHHAt end of the yearAt end of the yearAt end of the yearAt end of the yearAt end of the year 723,448723,448723,448723,448723,448 753,396753,396753,396753,396753,396 455,784455,784455,784455,784455,784 486,377486,377486,377486,377486,377




financial report

11 PROPERTY DEVELOPMENT ACTIVITIES (continued)11 PROPERTY DEVELOPMENT ACTIVITIES (continued)11 PROPERTY DEVELOPMENT ACTIVITIES (continued)11 PROPERTY DEVELOPMENT ACTIVITIES (continued)11 PROPERTY DEVELOPMENT ACTIVITIES (continued)

(b) Property development costs(b) Property development costs(b) Property development costs(b) Property development costs(b) Property development costs Group Corporation2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

At cost: Freehold land 1,176 943 - - Leasehold land 11,417 11,710 - - Development expenditure 263,359 224,351 161,764 160,468


Less : Accumulated cost charged to income statement (58,259) (20,060) (707) -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHAt begining of the year 217,693 216,944 161,057 160,468

HHHHHHH HHHHHHH HHHHHHH HHHHHHHCost incurred during the year: Leasehold land 498 - - - Development expenditure 60,421 44,995 255 1,296

HHHHHHH HHHHHHH HHHHHHH HHHHHHH60,919 44,995 255 1,296

HHHHHHH HHHHHHH HHHHHHH HHHHHHHCosts charged to income statement (38,173) (38,199) (44) (707)Transfer from / (to): Non-current assets (22,316) - (22,316) - Land held for property development (Note 11(a)) 4,135 2,552 - - Inventories (9,618) (8,599) - -


NNNNNNN NNNNNNN NNNNNNN NNNNNNNAt cost: Freehold land 1,176 943 - - Leasehold land 11,915 11,710 - - Development expenditure 323,780 269,346 162,019 161,764


Less : Accumulated cost charged to income statement (96,432) (58,259) (751) (707)Transfer from / (to): Non-current assets (22,316) - (22,316) - Land held for property development 4,135 2,552 - - Inventories (9,618) (8,599) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHAt end of the yearAt end of the yearAt end of the yearAt end of the yearAt end of the year 212,640212,640212,640212,640212,640 217,693217,693217,693217,693217,693 138,952138,952138,952138,952138,952 161,057161,057161,057161,057161,057




financial report

11 PROPERTY DEVELOPMENT ACTIVITIES (continued)11 PROPERTY DEVELOPMENT ACTIVITIES (continued)11 PROPERTY DEVELOPMENT ACTIVITIES (continued)11 PROPERTY DEVELOPMENT ACTIVITIES (continued)11 PROPERTY DEVELOPMENT ACTIVITIES (continued)

Included in the development expenditure during the year are the following items;


RM’000 RM’000 RM’000 RM’000

Sub-contract costs 53,264 64,494 11,731 10,840Interest expenses 4,548 4,129 671 990Rental of building 334 - - -Assessment fees 96 113 - -Quit rent 230 251 7 38Advertisement 435 503 - 2Utilities 274 141 11 -(Loss)/Gain on foreign exchange (357) 214 - -Land cost 4,634 2,482 - -Compensation to relocate squatters 882 63 882 63Staff cost: Wages, salaries and bonus 1,006 890 - - Defined contribution retirement plans 90 82 - - Others 2 27 - -

1,098 999 - -HHHHHHH HHHHHHH HHHHHHH HHHHHHH

Included in development expenditure of the Group is interest capitalised of RM3,877,000 (2003 :RM3,138,000) during the year. (Refer Note 8)

Development land of the Corporation at carrying value of RM51,412,000 (2003 : RM60,971,000) ischarged to a licensed bank for the Redeemable Secured Certificates facility amounting to RM230,343,000(2003 : RM230,343,000). (Refer Note 22)

As at 31 December 2004, land with net book value of RM221,612,000 (2003 : RM280,141,000) is notregistered in the names of certain Subsidiaries and are in the process of being transferred to the namesof the Subsidiaries. Land with net book value of RM7,992,000 (2003 : RM7,992,000) is not registeredin the name of a Subsidiary but is held in escrow by the State Authority of Johor for the beneficial interestof the Subsidiary until the entire land has been sold in subdivided lots to purchasers.

Freehold land of the Group with carrying value of RM Nil (2003 : RM10,115,000) are charged to alicensed bank to secure a term loan facility of a Subsidiary.

Included in development expenditure of the Group is investment property of RM Nil (2003 : RM59,451,000)which represents the cost incurred for the construction of a wet market and bus terminal for the StateGovernment of Johor (“SGJ”) whereby the Group was given the right to manage and operate the saidbuilding on a 15 years lease expiring in the year 2011. These properties are depreciated over the leaseperiod. The lease period is extendable subject to the agreement of the SGJ. Upon expiry of the leaseperiod, the building will be returned to the SGJ for a consideration of another piece of land. During thefinancial year, the right was terminated before the expiry of the lease period. The compensation for thetermination of the right was a piece of freehold land alienated by SGJ for a premium of RM1 upon fulfillingcertain condition precedent.

Subsequent to the year end, the SGJ has granted the deferment of the condition precedent and the legaland beneficial interest of the freehold land was novated and assigned to another wholly owned subsidiaryof the Corporation to set off the cost of development of the wet market and bus terminal.



financial report

1212121212 SUBSIDIARIESSUBSIDIARIESSUBSIDIARIESSUBSIDIARIESSUBSIDIARIES

Corporation

2004 2003RM’000 RM’000

At Cost

Quoted Shares In Malaysia 538,542 437,621Unquoted Shares In Malaysia 1,825,539 1,841,891Convertible Unsecured Loan Stocks (CULS) 331,295 1,141


Less : Allowance For Diminution In Value (882,698) (956,042)HHHHHHH- HHHHHHH1,812,6781,812,6781,812,6781,812,6781,812,678 1,324,6111,324,6111,324,6111,324,6111,324,611NNNNNNN NNNNNNN

Market Value For Quoted Shares 737,750 575,250NNNNNNN NNNNNNN

Quoted shares of the Corporation with net book value of RM4,293,000 (2003 : RM3,452,000) areregistered under the names of Subsidiaries.

Audit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of Subsidiaries

The auditors’ reports of the following Subsidiaries were qualified on the appropriateness of preparing theFinancial Statements on the going concern basis :-

i. Tiram Air Sdn Bhdii. Orion Tours Private Limitediii. Asia Pacific Seafoods Pte Ltd

The Subsidiaries have aggregated net current liabilities of approximately RM12,340,000 and an aggregatedcapital deficiency of approximately RM26,483,000.

The audit report of another Subsidiary, Johor Franchise Development Sdn Bhd (“JFD”) mentioned that theFinancial Statements of its Subsidiary, PT Pharmacare Medicine Shoppe which are not consolidated, arenot annexed to that of JFD due to the non-availability of the Financial Statements. The non-annexure is notin compliance with Paragraph 5 (4)(C) (ii) of the Ninth Schedule of the Companies Act,1965.



financial report

1212121212 SUBSIDIARIES SUBSIDIARIES SUBSIDIARIES SUBSIDIARIES SUBSIDIARIES (continued)

Audit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of SubsidiariesAudit Reports Of Subsidiaries (continued)

Attention was drawn to matters of emphasis in the auditors’ reports of the following Subsidiaries :-

i. Damansara Town Centre Sdn Bhdii. Sindora Ventures Sdn Bhdiii. Sindora Nusantara Sdn Bhdiv. Sindora Holding (Johor) Sdn Bhdv. SPMB Holdings Sdn Bhdvi. Johor Tea Sdn Bhdvii. Yakin Tea Sdn Bhdviii. Malaysia Pharmacy (Retail) Sdn Bhdix. Quality Heights Sdn Bhdx. Pharmacare Medicine Shoppe Sdn Bhdxi. Pro-Office Shoppe Sdn Bhdxii. Warren Plantation (Mt. Hagen) Limitedxiii. Johor Capital Holdings Sdn Bhdxiv. Johor Paper and Publishing Sdn Bhdxv. Amiza Publishing Sdn Bhdxvi. Johor Heavy Industries Sdn Bhdxvii. Larkin Sentral Sdn Bhdxviii. Johor City Development Sdn Bhdxix. Johor Skills Development Centre Sdn Bhdxx. Vibrant Hectares Sdn Bhdxxi. TT Nusa Sdn Bhd

Without qualifying their opinion, the auditors’ reports on the Financial Statements of the Subsidiaries (i) to(xxi) mentioned above drew attention to the appropriateness of preparing the Financial Statements on thegoing concern basis as at 31 December 2004. These Subsidiaries have aggregated net current liabilitiesof approximately RM911,636,000 and an aggregated capital deficiency of approximately RM72,281,000.



financial report


Disposal Of SubsidiariesDisposal Of SubsidiariesDisposal Of SubsidiariesDisposal Of SubsidiariesDisposal Of Subsidiaries

i. Tebing Aur Sdn Bhdii. Selangor Foods Industries Sdn Bhdiii. Buat Niaga Sdn Bhdiv. PJB Pacific Securities (HK) Limitedv. PJB Advisory Services Sdn Bhd

The effect of these disposals on the results of the Group for the current year to the date of disposals wasas follows :-

At Date Of Disposals 2003RM’000 RM’000

Revenue 3,445 256Operating Costs (3,885) (193)(Loss)/Gain on disposal of subsidiaries (570) 292

HHHHHHH HHHHHHH(Loss)/Profit From Operations (1,010) 355Other Income 8 20Other Operating Expenditure - (55)Finance Cost (888) -Taxation (88) -Minority Interest - -

HHHHHHH HHHHHHHNet (Loss)/Profit For The Year (1,978) 320

NNNNNNN NNNNNNN



financial report


Disposal Of SubsidiariesDisposal Of SubsidiariesDisposal Of SubsidiariesDisposal Of SubsidiariesDisposal Of Subsidiaries (continued)

The effect of these disposals on the cash flow of the Group was as follows :-

At DateOf Disposals

RM’000

Property, Plant And Equipment 3,257Trade And Other Receivables 23,872Deposits, Bank And Cash Balances 252Trade And Other Payables (32,131)Borrowings (4,118)Provision (3,087)Taxation (22)

HHHHHHH(11,977)

Gain On Disposal 13,477HHHHHHH

Total Proceeds From Disposal 1,500HHHHHHH

Less : Cash And Cash Equivalents Of Subsidiaries Disposed (252)

HHHHHHHCash Inflow On Disposal 1,248

NNNNNNN

1313131313 ASSOCIATESASSOCIATESASSOCIATESASSOCIATESASSOCIATES


RM’000 RM’000 RM’000 RM’000At Cost

Quoted Shares In Malaysia 329,265 334,585 363,271 330,086Unquoted Shares In Malaysia 56,867 58,075 32,395 32,257Less: Allowance For Diminution In Value Of Investments (2,813) (776) (309,097) (307,092)Share Of Post Acquisition Retained Profits And Reserves Less Losses (282,405) (298,478) - -


NNNNNNN NNNNNNN NNNNNNN NNNNNNNShare Of Net Assets Other Than Premium On Acquisition 86,385 93,406 - -Premium On Acquisition 183,018 168,489 - -Less : Premium On Acquisition Written Off (168,489) (168,489) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH100,914100,914100,914100,914100,914 93,40693,40693,40693,40693,406 ----- -----

NNNNNNN NNNNNNN NNNNNNN NNNNNNNMarket Value For Quoted Shares 23,351 22,993 54,174 22,993




financial report

1313131313 ASSOCIATES ASSOCIATES ASSOCIATES ASSOCIATES ASSOCIATES (continued)

The investments in Associates include the premium on acquisition arising from the investment inDamansara Realty Berhad of RM168,489,000 (2003 : RM168,489,000) which has been written off tothe Income Statement.

Quoted shares of the Corporation with net book value of RM929,000 (2003 : RM929,000) are registeredunder the name of a Subsidiary.

1414141414 LONG TERM INVESTMENTSLONG TERM INVESTMENTSLONG TERM INVESTMENTSLONG TERM INVESTMENTSLONG TERM INVESTMENTS Group Corporation2004 2003 2004 2003


Quoted Shares In Malaysia 250,022 282,399 126,092 213,193Quoted Shares Overseas 144,516 142,425 114,085 114,085Unquoted Shares In Malaysia 239,712 264,555 - -Unquoted Shares Overseas 7,566 6,149 - -Investment Properties 580,796 580,796 - -Other Investments 47,574 21,292 46,077 15,716Less : Allowance For Diminution In Value (308,466) (357,624) (154,081) (223,351)




Quoted shares of the Corporation with net book value of RM346,000 (2003 : RM35) are registered underthe name of a Subsidiary.

Quoted shares of the Group with net book value of RM 425,000 (2003 : RM1,071,000) have beenpledged to a licensed bank as security for bank borrowings provided to the Corporation.

Included in other investments of the Group and Corporation are the Guaranteed Redeemable IslamicBonds purchased from bondholders (refer Note 22).

It was not practicable within the constraints of timeliness and cost to estimate the fair value of the otherunquoted investments. The market values at the balance sheet date of quoted investments approximatedtheir fair values.



financial report

1515151515 INTANGIBLE ASSETSINTANGIBLE ASSETSINTANGIBLE ASSETSINTANGIBLE ASSETSINTANGIBLE ASSETS Group

2004 2003RM’000 RM’000

Goodwill On Consolidation 161,478 154,042Less : Accumulated Amortisation (82,485) (78,287)

Allowance For Impairment Loss (12,217) (12,217)HHHHHHH HHHHHHH


Master Franchise Rights 125 125Less : Accumulated Amortisation - -

HHHHHHH HHHHHHH125 125

HHHHHHH HHHHHHHNursing Training Costs 38,504 31,298Less : Accumulated Amortisation (15,491) (11,943)


HHHHHHH HHHHHHHOther Intangible Assets 2,951 932

HHHHHHH HHHHHHH92,86592,86592,86592,86592,865 83,95083,95083,95083,95083,950

NNNNNNN NNNNNNN

The intangible assets of the Group are stated after amortisation of RM15,306,000 (2003 : RM21,429,000)and write off of RM2,723,000 (2003 : RM3,471,000) during the year.

1616161616 DEFERRED RECEIVABLES – GROUP AND CORPORATIONDEFERRED RECEIVABLES – GROUP AND CORPORATIONDEFERRED RECEIVABLES – GROUP AND CORPORATIONDEFERRED RECEIVABLES – GROUP AND CORPORATIONDEFERRED RECEIVABLES – GROUP AND CORPORATION

The Corporation had entered into a Sale and Purchase Agreement with a third party for the sale ofindustrial leasehold land on 23 April 1998. The total purchase price payable was RM999,702,000 andwas to be paid in the following manner :

i) first instalment of RM11,108,000 paid on 1 June 1998;

ii) second and third instalment of RM22,216,000 paid on 31 January 1999; and

iii) 87 subsequent annual instalments of RM11,108,000 to be paid on or before the first day of Januaryin each year commencing from 7 January 2001 and ending 7 January 2087.

Sales were recognised by discounting the cash flows to be received and based on the stage of completionof the development work. No sales were recognised based on the stage of completion in the current year(2003 : RM Nil). Interest income recognised in the current year is RM Nil (2003 : RM17,920,000).

On 6 January 2004, the Corporation together with the third party have entered into a novation agreementwith a subsidiary, Johor Hotels International Sdn Bhd (“JHI”) to novate the sale from the third party to thesubsidiary.

On 1 December 2004, the Corporation has entered into a Sale and Purchase Agreement with a subsidiary,Johor City Development Sdn Bhd (“JCD”) instead of JHI. The industrial leasehold land has been registeredin JCD’s name.



financial report

1717171717 INVENTORIESINVENTORIESINVENTORIESINVENTORIESINVENTORIES



Stores And Materials 89,426 86,532 4,304 6,888Work In Progress 941 2,435 - -Stock Of Produce 22,420 34,966 - -Finished Goods 48,025 43,807 - -Marketable Securities 91 - - -Less : Allowance For Obsolete Stock (185) (278) - -


Shops And Houses 47,456 49,843 3,253 3,356Land Held For Resale 126,040 - - -



At Net Realisable Value

Finished Goods 7,110 - - -Shop And Houses - 2,794 1,512 2,794Marketable Securities 32 101 - -Less : Allowance For Diminution In Value (104) (216) (104) (216)



NNNNNNN NNNNNNN NNNNNNN NNNNNNNMarket Value For Marketable Securities 130 108 - -




financial report

18 TRADE AND OTHER RECEIVABLES18 TRADE AND OTHER RECEIVABLES18 TRADE AND OTHER RECEIVABLES18 TRADE AND OTHER RECEIVABLES18 TRADE AND OTHER RECEIVABLES


RM’000 RM’000 RM’000 RM’000

Trade Receivables 543,489 487,058 27,402 79,159Less : Allowance For Doubtful Debts (152,225) (173,422) (1,895) (1,103)

391,264 313,636 25,507 78,056

Other Receivables 175,000 169,627 30,229 46,392Less : Allowance For Doubtful Debts (63,608) (62,968) (1,320) (1,363)

111,392 106,659 28,909 45,029

Amount Due From Related Parties 10,421 23,876 - -Deposits (Net of allowance of RM95,788,000 (2003 : RM95,788,000) for the Group) 27,486 10,645 4,399 2,980Prepayments 12,977 12,904 269 828Other Loans - - 355 593



Amount Due From Subsidiaries - - 1,621,354 1,525,251Less : Allowance For Doubtful Debts - - (1,015,302) (995,269)

- - 606,052 529,982

Advances To Associates 17,635 17,838 17,137 17,838Amount Due From Associates 86,571 84,579 75,621 81,337Less : Allowance For Doubtful Debts (3,492) (3,582) (3,491) (3,461)

100,714 98,835 89,267 95,714HHHHHHH HHHHHHH HHHHHHH HHHHHHH654,254654,254654,254654,254654,254 566,555566,555566,555566,555566,555 754,758754,758754,758754,758754,758 753,182 753,182 753,182 753,182 753,182


The currency exposure profile of Trade Receivables is as follows :-

- Ringgit Malaysia 175,849 213,193 25,507 78,056- US Dollar 87,012 91,693 - -- Singapore Dollar 2,636 2,307 - -- Papua New Guinea Kina 117,312 978 - -- Indonesian Rupiah 7,732 3,274 - -- Euro 711 - - -- Great Britain Sterling Pound 12 16 - -- Others - 2,175 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH 391,264 391,264 391,264 391,264 391,264 313,636313,636313,636313,636313,636 25,507 25,507 25,507 25,507 25,507 78,05678,05678,05678,05678,056NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Credit terms of trade receivables range from 7 to 180 days.



financial report

1818181818 TRADE AND OTHER RECEIVABLES TRADE AND OTHER RECEIVABLES TRADE AND OTHER RECEIVABLES TRADE AND OTHER RECEIVABLES TRADE AND OTHER RECEIVABLES (continued)

Concentration of credit risk with respect to trade receivables are limited due to the Group’s large numberof customers, who are internationally dispersed, cover a broad spectrum of manufacturing and distributionand have a variety of end markets in which they sell. The Group’s historical experience in collection oftrade receivable falls within the recorded allowances. Due to these factors, management believes that noadditional credit risk beyond amounts provided for collection losses is inherent in the Group’s tradereceivables.

Some RM1,621,353,000 (2003 : RM1,485,303,000) of the amounts owing by Subsidiaries have nofixed terms of repayment, are unsecured and interest free.

The related parties are minority shareholders of certain Subsidiaries. The amount owing is mainlynon-trade in nature, unsecured and interest free with no fixed terms of repayment.

The other loans are loans to the employees of the Corporation which are repayable between 2 and 25years (2003 : 2 and 25 years) and carry an interest of 4.00 percent per annum (2003 : 4.00 percent perannum). Some RM1,879,000 (2003 : RM7,048,000) of the trade and other receivables are due fromthe Pasir Gudang Local Authority. These amounts are secured, are repayable between 1 to 3 years (2003: 1 to 3 years) and bear interest ranging from 4.67 percent to 8.00 percent per annum (2003 : 4.62percent to 8.00 percent per annum).

Other receivables and prepayments include the following :


RM’000 RM’000 RM’000 RM’000

i) A non-interest bearing loan withno fixed terms of repaymentextended to a minorityshareholder of a Subsidiary 650 713 - -

ii) A loan to a third party which issecured by certain foreignunquoted shares pledged to aSubsidiary and future dividendsderived from the said foreignunquoted shares 950 950 - -




financial report

1919191919 SHORT TERM INVESTMENTSSHORT TERM INVESTMENTSSHORT TERM INVESTMENTSSHORT TERM INVESTMENTSSHORT TERM INVESTMENTS



Foreign Currencies 339 278 339 278Quoted Shares In Malaysia 74,941 61,736 8,194 5,792Quoted Shares Overseas 12,948 12,948 189 189Less : Allowance For Diminution In Value (64,257) (60,481) (1,254) (2,028)




The market value at the Balance Sheet date of the quoted investments approximated their fair values.



financial report

2020202020 DEPOSITS, BANK AND CASH BALANCESDEPOSITS, BANK AND CASH BALANCESDEPOSITS, BANK AND CASH BALANCESDEPOSITS, BANK AND CASH BALANCESDEPOSITS, BANK AND CASH BALANCES


RM’000 RM’000 RM’000 RM’000

Bank And Cash Balances 205,435 204,635 10,154 9,481Fixed Deposits :- With Licensed Banks 223,958 165,806 108,537 94,760- With Licensed Financial Institutions 19,832 2,544 - -



The currency exposure profile Of Deposits, Bank And Cash Balances are as follows :

- Ringgit Malaysia 353,481 294,291 118,691 104,241- US Dollar 5,466 2,037 - -- Singapore Dollar 251 174 - -- Australian Dollar 22 7 - -- Great Britain Sterling Pound 58 84 - -- Indonesian Rupiah 22,495 6,330 - -- Euro 87 499 - -- Papua New Guinea Kina 66,976 69,549 - -- Others 389 14 - -



Fixed deposits of the Group of RM14,868,000 (2003 : RM17,836,000) have been pledged with licensedbanks for other bank guarantee facilities provided to Subsidiaries.

The weighted average interest rates of deposits, bank and cash balances that were effective at thebalance sheet date were as follows :


Deposits With Licensed Banks 2.64% 3.11% 2.68% 2.84%Deposits With Licensed Financial Institutions 2.59% 2.89% - -


Deposits of the Group and Corporation have an average maturity of 203 days (2003 : 206 days) and 35days (2003 : 30 days) respectively. Bank balances are deposits held at call with banks.



financial report

2121212121 TRADE AND OTHER PAYABLESTRADE AND OTHER PAYABLESTRADE AND OTHER PAYABLESTRADE AND OTHER PAYABLESTRADE AND OTHER PAYABLES


RM’000 RM’000 RM’000 RM’000

Trade Payables 217,270 249,804 37,874 36,832Other Payables 424,512 276,830 140,279 140,903Retention Money 1,663 959 1,663 659Trade Accruals 126,480 124,772 39,182 37,005Amount Due To Other Shareholders Of Subsidiaries 8,421 8,097 - -Amount Due To Subsidiaries - - 62,597 109,934Amount Due To Associates 7,819 1,730 1,990 1,116


NNNNNNN NNNNNNN NNNNNNN NNNNNNNThe currency exposure profile of Trade Payables is as follows :

- Ringgit Malaysia 167,679 139,790 37,874 36,832- US Dollar 6,298 22,844 - -- Singapore Dollar 3,559 2,225 - -- Papua New Guinea Kina 30,779 67,896 - -- Indonesian Rupiah 8,843 5,139 - -- Others 112 11,910 - -



Credit terms of trade payables and suppliers of Property, Plant and Equipment granted to the Group andCorporation vary from 14 to 150 days.

The amounts due to Subsidiaries, Associates and Subsidiaries’ Other Shareholders have no fixed terms ofrepayment, are unsecured and interest free.



financial report

2222222222 BORROWINGSBORROWINGSBORROWINGSBORROWINGSBORROWINGS


RM’000 RM’000 RM’000 RM’000

SHORT TERMSHORT TERMSHORT TERMSHORT TERMSHORT TERM

Secured- Bank Overdrafts 9,844 9,217 - -- Revolving Credits 25,808 33,400 - -- Islamic Committed Revolving Credit Facility/Scheduled Payment Arrangement 400,000 400,000 400,000 400,000- Other Bank Loans 89,251 98,745 - -- Finance Lease 11,738 9,780 - -- Term Loans 61,548 104,266 - -- Redeemable Convertible Loan Stock - 53,375 - -

Unsecured- Bank Overdrafts 35,956 37,729 - -- Revolving Credits 30,379 64,849 - -- Other Bank Loans 50 7,400 - -- Term Loans 2,143 400 - -- Federal Government Loans 51,371 44,739 51,371 44,739



LONG TERMLONG TERMLONG TERMLONG TERMLONG TERM

Secured- Redeemable Secured Certificates 230,343 230,343 230,343 230,343- Finance Lease 25,383 18,199 - -- Term Loans 678,506 596,669 - -- Guaranteed Redeemable Islamic Bonds 3,075,829 2,941,913 3,075,829 2,941,913

Unsecured- Other Bank Loans 800 7,500 - -- Federal Government Loans 21,246 27,878 21,246 27,878- Commercial Papers 120,000 - - -


TOTALTOTALTOTALTOTALTOTAL 4,870,1954,870,1954,870,1954,870,1954,870,195 4,686,4024,686,4024,686,4024,686,4024,686,402 3,778,73,778,73,778,73,778,73,778,78989898989 3,644,8733,644,8733,644,8733,644,8733,644,873NNNNNNN NNNNNNN NNNNNNN NNNNNNN



financial report

2222222222 BORROWINGS BORROWINGS BORROWINGS BORROWINGS BORROWINGS (continued)


% % % %Weighted average effective interest rates of borrowings at the Balance Sheet date :- Overdrafts 6.72 7.34 - -- Revolving Credits 4.69 4.83 - -- Term Loans 5.13 5.60 - -- Federal Government Loans 6.34 6.34 6.34 6.34- Other Bank Loans 0.94 1.42 - -- Finance Lease 6.67 5.68 - -- Redeemable Convertible Loan Stock - 8.03 - -- Commercial Papers 3.32 - - -


The currency exposure profile of Borrowings is as follows :

RM’000 RM’000 RM’000 RM’000

- US Dollar 90,310 58,493 - -- Indonesian Rupiah 4,244 7,321 - -- Ringgit Malaysia 4,775,641 4,620,588 3,778,789 3,644,873


Group Borrowings Group Borrowings Group Borrowings Group Borrowings Group Borrowings (excluding finance lease liabilities) : maturity and exposure to interest rate risk

Later Than Later Than1 Year And 2 Years And

Not Later Not Later Not Later Later ThanThan 1 Year Than 2 Years Than 5 Years 5 Years Total

RM’000 RM’000 RM’000 RM’000 RM’000

As at 31 December 2004 :- Fixed 75 6,630 19,889 53,038 79,632- Floating 706,275 554,854 881,046 2,611,267 4,753,442



As at 31 December 2003 :- Fixed 13,967 8,798 26,151 44,271 93,187- Floating 840,153 76,601 506,501 3,141,981 4,565,236





financial report


Corporation BorrowingsCorporation BorrowingsCorporation BorrowingsCorporation BorrowingsCorporation Borrowings : maturity and exposure to interest rate risk

Later Than Later Than1 Year And 2 Years And

Not Later Not Later Not Later Later ThanThan 1 Year Than 2 Years Than 5 Years 5 Years Total

RM’000 RM’000 RM’000 RM’000 RM’000

As at 31 December 2004 :- Fixed 451,371 363,147 571,968 2,392,303 3,778,789


As at 31 December 2003 :- Fixed 444,739 7,237 351,806 2,841,091 3,644,873


Group2004 2003

RM’000 RM’000Finance lease l iabi l it iesFinance lease l iabi l it iesFinance lease l iabi l it iesFinance lease l iabi l it iesFinance lease l iabi l it ies

Minimum lease payments :- Not later than 1 year 14,006 11,300- Later than 1 year and not later than 2 years 16,975 9,255- Later than 2 years and not later than 5 years 12,857 11,365- Later than 5 years 67 37


Future finance charges on finance leases (6,784) (3,978)HHHHHHH HHHHHHH

Present value of finance lease liabilities 37,121 27,979NNNNNNN NNNNNNN

Current 11,738 9,780Non current 25,383 18,199

HHHHHHH HHHHHHH 37,121 27,979

NNNNNNN NNNNNNN

Present value of finance lease liabilities :- Not later than 1 year 11,738 9,780- Later than 1 year and not later than 2 years 12,450 8,361- Later than 2 years and not later than 5 years 12,716 9,838- Later than 5 years 217 -


NNNNNNN NNNNNNN



financial report


Estimated fair valuesEstimated fair valuesEstimated fair valuesEstimated fair valuesEstimated fair values

The carrying amounts of bank overdrafts, revolving credits and other bank loans at Balance Sheetdate approximated their fair values. The fair values of other borrowings at Balance Sheet date wereas follows :

Group CorporationCarrying Fair Carrying Fairamount value amount valueRM’000 RM’000 RM’000 RM’000

20042004200420042004Term Loans 742,197 757,750 - -Finance Lease Liabilities 37,121 37,121 - -Federal Government Loans 72,617 68,195 72,617 68,195Guaranteed Redeemable Islamic Bonds 3,075,829 2,394,095 3,075,829 2,394,095Redeemable Secured Certificates 230,343 173,602 230,343 173,602


20032003200320032003Term Loans 701,335 693,050 - -Finance Lease Liabilities 27,979 25,327 - -Federal Government Loans 72,617 67,003 72,617 67,003Guaranteed Redeemable Islamic Bonds 2,941,913 2,276,395 2,941,913 2,276,395Redeemable Secured Certificates 230,343 172,842 230,343 172,842


The secured overdrafts, term loans, other bank loans and revolving credits of the Group and Corporationare secured by charges over certain assets owned by Subsidiaries in the Group and the Corporation, asmentioned in Note 10 and Note 14.

Finance lease liabilities are effectively secured as the rights to the leased assets revert to the lessor in theevent of default.

Other bank loans to the Group and Corporation are in the form of banker’s acceptance, offshore bank loanand bank guarantee facilities.

On 31 July 2002, the Group implemented its debt restructuring scheme under the Group’s CorporateRestructuring Master Plan (CRMP) further to the Debt Restructuring Agreement entered into between theCorporation, its subsidiaries and the respective lenders. In the restructuring exercise, RM4.16 billionloans were restructured which comprise of RM2.8 billion for Johor Corporation and RM1.4 billion for thesubsidiaries. The lenders had also granted hair cuts to the restructured unsecured loans amounting toRM729.09 million.



financial report


With the implementation of the scheme, all the loans of Johor Corporation were converted into thefollowing instruments :-

(i) Islamic Committed Revolving Credit Facility (“CRCF”)/Scheduled Payment Arrangement (“SPA”) underConventional/Syariah principles of Murabahah (cost plus) of RM400.0 million. The tenure and profitrates of the instruments are as follows:

TenureTenureTenureTenureTenure Profit RateProfit RateProfit RateProfit RateProfit Rate

CRCF Committed for ten (10) years At 0.75% p.a. above eachthereafter it will be subject to financier’s effective Islamicyearly review cost of funds

SPA Committed for ten (10) years At 0.75% p.a. above eachthereafter it will be subject to effective Islamic cost ofyearly review funds of Maybank

(ii) Guaranteed Redeemable Islamic Bonds (“GRIBS”) under the Syariah principles of Bai’ Bithaman Ajil(Deferred Payment Sale) with Islamic Debt Securities Issuance of RM2.752 billion nominal amountcomprising three (3) series as follows :

Nominal Nominal Nominal Nominal Nominal Effective Yield To Effective Yield To Effective Yield To Effective Yield To Effective Yield ToSer iesSer iesSer iesSer iesSer ies Amount Amount Amount Amount Amount Tenure Tenure Tenure Tenure Tenure Maturity/Profit Maturity/Profit Maturity/Profit Maturity/Profit Maturity/Profit

(RM‘000) (RM‘000) (RM‘000) (RM‘000) (RM‘000) (Years) (Years) (Years) (Years) (Years) Margin (% p.a.) Margin (% p.a.) Margin (% p.a.) Margin (% p.a.) Margin (% p.a.)

Series 1 300,000 5 4.25Series 2 500,000 7 4.75Series 3 1,952,000 10 5.05

HHHHHHHH 2,752,000 NNNNNNNN

The Corporation purchased GRIBS of RM25.00 million at a cost of RM22.54 million on 20September 2004 (refer Note 14). A further RM6.98 million was purchased from bondholderson 18 February 2005.

(iii) RM230.3 million nominal amount of Redeemable Secured Certificates (“RSCs”) under the SyariahPrinciples of Qardhul Hassan with no profit rate as follows :

Nominal Nominal Nominal Nominal NominalSer iesSer iesSer iesSer iesSer ies Amount Amount Amount Amount Amount TenureTenureTenureTenureTenure

(RM‘000) (RM‘000) (RM‘000) (RM‘000) (RM‘000) (Years)(Years)(Years)(Years)(Years)

Series 1 15,983 5Series 2 18,983 7Series 3 195,377 10

HHHHHHHH 230,343 NNNNNNNN

The profits under the Islamic financing per (i) and (ii) above are guaranteed by the Johor State Government.The RSCs are secured by certain landed properties of Johor Corporation (refer Note 11) and the JohorState Government with value of RM10,082,000 (2003 : RM10,082,000), which are in the process ofownership transfer to the Corporation. The CRCF/SPA is secured by certain assets of Johor Corporation(refer Note 10).



financial report


Group & Corporation2004 2003

RM’000 RM’000Minimum payments on GRIBs :- Not later than 1 year 66,512 41,283- Later than 1 year and not later than 2 years 327,494 27,522- Later than 2 years and not later than 5 years 626,886 433,221- Later than 5 years 3,168,672 3,701,298


Future finance charges on GRIBs (1,437,365) (1,451,125)HHHHHHH HHHHHHH

Present value of GRIBs 2,752,199 2,752,199NNNNNNN NNNNNNN

Present value of GRIBs- Later than 1 year and not later than 2 years 299,972 -- Later than 2 years and not later than 5 years 499,970 299,972- Later than 5 years 1,952,257 2,452,227

HHHHHHH HHHHHHH2,752,199 2,752,199NNNNNNN NNNNNNN

As at 31 December 2004, the Corporation have not made repayments of the Federal Government loansamounting to RM44.74 million (2003 : RM36.60 million).

On 17 July 2002, the Corporation had applied for a restructuring of its Federal Government loansamounting to RM86.97 million (inclusive of outstanding interest) to the Ministry of Finance with thefollowing options :-

i) to pay off the loans by exchange with a few properties ; orii) to restructure the loans into a soft loan repayable after 10 years with reasonable interest.

The application is still pending approval from the Ministry of Finance.

The redeemable convertible loan stock (“RCLS”) amounting to RMNil (2003 : RM50,000,000) wassecured and interest was charged at 8% per annum. The RCLS expired on 29 March 2004 and wasredeemed via a short term loan facility (‘STL”) of RM50,000,000 from Affin Merchant Bank Berhad. Theinterest rate on the facility was 5.35% per annum. On 12 November 2004, the STL was fully settled.

RCLS amounting to RM3,375,000 (2003 : RM3,375,000) was secured and interest was charged at 2%(2003 : 2%) above base lending rate per annum. The RCLS was to be redeemed fully at the end of the fifthyear, at issue price of RM1.35 from the first subscription date, i.e. February 1999. The RCLS wasconverted to long term loan during the year.



financial report

2323232323 DEFERRED TAXDEFERRED TAXDEFERRED TAXDEFERRED TAXDEFERRED TAX

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current taxassets against current tax liabilities and when the deferred taxes relate to the same tax authority. Thefollowing amounts, determined after appropriate offsetting, are shown in the Balance Sheet :


RM’000 RM’000 RM’000 RM’000Deferred tax assets :- subject to income tax 17,521 12,020 - -Deferred tax liabilities :- subject to income tax (219,452) (180,560) (1,558) (5,467)- subject to capital gains tax (86,342) (91,240) (20) (1,280)

(305,794) (271,800) (1,578) (6,747)HHHHHHH HHHHHHH HHHHHHH HHHHHHH

(((((288,273288,273288,273288,273288,273))))) (25(25(25(25(259,7809,7809,7809,7809,780))))) (((((1,5781,5781,5781,5781,578))))) (6,747)(6,747)(6,747)(6,747)(6,747)NNNNNNN NNNNNNN NNNNNNN NNNNNNN

At start of the year (259,780) (235,035) (6,747) (8,721)(Charged)/credited to income statement (Note 9)- Property, Plant and Equipment (14,537) (27,929) 3,783 1,305- Intangible Assets 1,840 1,840 - -- Tax Losses 7,924 (436) - -- Provisions (599) 490 (192) 490- Revaluation Reserve 181 287 - -- RPGT paid on disposal of property held - 4,143 - -- Others (2,350) (3,101) 318 179


Charged to equity (16,975) 194 1,260 -Acquisition of subsidiary (Note 12) - (600) - -Disposal of subsidiary (Note 12) (79) 130 - -Currency translation differences (3,898) 237 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHAt the end of the year (288,273) (259,780) (1,578) (6,747)


Subject to income taxSubject to income taxSubject to income taxSubject to income taxSubject to income taxDeferred tax assets (before offsetting)Deferred tax assets (before offsetting)Deferred tax assets (before offsetting)Deferred tax assets (before offsetting)Deferred tax assets (before offsetting)

Property, plant and equipment 20,130 4,779 714 -Provisions 911 - 5,361 5,554Payables 5,411 5,635 - -Tax losses 18,428 7,648 - -Others 5,477 10,837 885 567


Offsetting (32,836) (16,879) (6,960) (6,121)HHHHHHH HHHHHHH HHHHHHH HHHHHHH

Deferred tax assets (after offsetting)Deferred tax assets (after offsetting)Deferred tax assets (after offsetting)Deferred tax assets (after offsetting)Deferred tax assets (after offsetting) 17,521 17,521 17,521 17,521 17,521 12,02012,02012,02012,02012,020 ----- -----NNNNNNN NNNNNNN NNNNNNN NNNNNNN



financial report

2323232323 DEFERRED TAX DEFERRED TAX DEFERRED TAX DEFERRED TAX DEFERRED TAX (continued)


RM’000 RM’000 RM’000 RM’000

Deferred tax liabilities (before offsetting)Deferred tax liabilities (before offsetting)Deferred tax liabilities (before offsetting)Deferred tax liabilities (before offsetting)Deferred tax liabilities (before offsetting)

Property, Plant and Equipment (172,262) (116,764) (8,518) (11,588)Intangible Assets (19,162) (21,002) - -Revaluation Reserve (42,385) (51,699) - -Others (18,479) (7,974) - -


Offsetting 32,836 16,879 6,960 6,121HHHHHHH HHHHHHH HHHHHHH HHHHHHH

Deferred tax liabilities (after offsetting)Deferred tax liabilities (after offsetting)Deferred tax liabilities (after offsetting)Deferred tax liabilities (after offsetting)Deferred tax liabilities (after offsetting) (219,452)(219,452)(219,452)(219,452)(219,452) (180,560)(180,560)(180,560)(180,560)(180,560) (1,558)(1,558)(1,558)(1,558)(1,558) (5,467)(5,467)(5,467)(5,467)(5,467)NNNNNNN NNNNNNN NNNNNNN NNNNNNN

Subject to capital gains taxSubject to capital gains taxSubject to capital gains taxSubject to capital gains taxSubject to capital gains taxDeferred tax l iabil it iesDeferred tax l iabil it iesDeferred tax l iabil it iesDeferred tax l iabil it iesDeferred tax l iabil it iesProperty, Plant and Equipment (86,342)(86,342)(86,342)(86,342)(86,342) (91,240)(91,240)(91,240)(91,240)(91,240) (20)(20)(20)(20)(20) (1,280)(1,280)(1,280)(1,280)(1,280)


The amount of deductible temporary differences and unused tax losses (both of which have no expirydate) for which no deferred tax asset is recognised is as follows :


RM’000 RM’000 RM’000 RM’000

Unutilised capital allowances 65,628 48,394 - -Deductable temporary differences 534,850 534,407 - -Tax losses 1,720,737 1,697,725 - -


2424242424 OTHER DEFERRED LIABILITIESOTHER DEFERRED LIABILITIESOTHER DEFERRED LIABILITIESOTHER DEFERRED LIABILITIESOTHER DEFERRED LIABILITIES

Government Grant 147,555 11,199 - -Other Deferred Liabilities 653 513 - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHH148,208148,208148,208148,208148,208 11,71211,71211,71211,71211,712 - - - - - -----


Government GrantGovernment GrantGovernment GrantGovernment GrantGovernment Grant

Cost 163,817 12,031 - -Less : Accumulated Amortisation (16,262) (832) - -

HHHHHHH HHHHHHH HHHHHHH HHHHHHHBalance As At 31 DecemberBalance As At 31 DecemberBalance As At 31 DecemberBalance As At 31 DecemberBalance As At 31 December 147,555 147,555 147,555 147,555 147,555 11,19911,19911,19911,19911,199 ----- -----




financial report

2525252525 CAPITAL RESERVESCAPITAL RESERVESCAPITAL RESERVESCAPITAL RESERVESCAPITAL RESERVES

Capital reserves include revaluation reserve arising from revaluation of Property, Plant and Equipmentof RM1,124,473,000 (2003 : RM1,075,657,000) and RM58,846,000 (2003 : RM83,696,000) forthe Group and Corporation respectively.

2626262626 GROUP BUSINESS SEGMENT ANALYSISGROUP BUSINESS SEGMENT ANALYSISGROUP BUSINESS SEGMENT ANALYSISGROUP BUSINESS SEGMENT ANALYSISGROUP BUSINESS SEGMENT ANALYSIS

(a) Primary reporting format - Business Segments

Intrapreneur Palm Oil Healthcare Property Venture Others Eliminations GroupRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000


SALESSALESSALESSALESSALES

External Sales 1,637,715 554,153 292,441 23,349 35,725 - 2,543,383Intersegment Sales 37,436 - 25,404 67,356 164,975 (295,171) -


Total Sales 1,675,151 554,153 317,845 90,705 200,700 (295,171) 2,543,383NNNNN NNNNN NNNNN NNNNN NNNNN NNNNN NNNNN

RESULTSRESULTSRESULTSRESULTSRESULTS

Segment Results (External) 372,719 65,531 (287,324) (48,111) 320,991 - 423,806Unallocated Income 24,402Unallocated Cost (40,089)

HHHHH

Profit From Operations 408,119Finance Cost (231,209)Share Of Results Of Associates 926 47 22,699 4,137 (4) 27,805

HHHHH

Profit From Ordinary Activities Before Tax 204,715Tax (125,105)

HHHHH

Profit From Ordinary Activities After Tax 79,610

Minority Interest (75,044)HHHHH

Net Profit For The Year 4,566

NNNNN



financial report

2626262626 GROUP BUSINESS SEGMENT ANALYSIS GROUP BUSINESS SEGMENT ANALYSIS GROUP BUSINESS SEGMENT ANALYSIS GROUP BUSINESS SEGMENT ANALYSIS GROUP BUSINESS SEGMENT ANALYSIS (continued)

(a) Primary reporting format - Business Segments (continued)

IntrapreneurPalm Oil Healthcare Property Venture Others GroupRM’000 RM’000 RM’000 RM’000 RM’000 RM’000


OTHER INFORMATIONOTHER INFORMATIONOTHER INFORMATIONOTHER INFORMATIONOTHER INFORMATION

Segment Assets 3,714,973 509,445 480,863 (87,934) 2,456,068 7,073,415Jointly Controlled Entity & Associates 2,994 12,758 129,402 7,094 168,215 320,463Unallocated Asset 975,936

HHHHHH

Consolidated Total Assets 8,369,814NNNNNN

Segment Liabilities 226,259 103,695 369,884 239,190 (193,332) 745,696Unallocated Liabilities 5,414,321

HHHHHH

Consolidated Total Liabilities 6,160,017NNNNNN

Capital Expenditure 192,306 71,680 315,562 7,323 25,356 612,227Depreciation And Amortisation 81,465 32,082 6,288 17,660 35,206 172,701Impairment Loss 5,857 - 1,066 21,784 1,224 29,931



financial report



Intrapreneur Palm Oil Healthcare Property Venture Others Eliminations GroupRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000


SALESSALESSALESSALESSALES

External Sales 1,242,471 454,825 174,432 103,223 164,022 - 2,138,973Intersegment Sales 36,841 11,792 650 6,309 49,933 (105,525) -


Total Sales 1,279,312 466,617 175,082 109,532 213,955 (105,525) 2,138,973NNNNN NNNNN NNNNN NNNNN NNNNN NNNNN NNNNN

RESULTSRESULTSRESULTSRESULTSRESULTS

Segment Results (External) 302,199 7,634 79,262 4,193 (17,322) - 375,966Unallocated Income 123,844Unallocated Cost (37,889)

HHHHH

Profit From Operations 461,921Finance Cost (243,413)Share Of Results Of Associates 1,072 849 42,806 799 (1,191) 44,335

HHHHH

Profit From Ordinary Activities Before Tax 262,843Tax (109,856)

HHHHH

Profit From Ordinary Activities After Tax 152,987Minority Interest (88,740)

HHHHH

Net Profit For The Year 64,247

NNNNN



financial report



IntrapreneurPalm Oil Healthcare Property Venture Others GroupRM’000 RM’000 RM’000 RM’000 RM’000 RM’000


OTHER INFORMATIONOTHER INFORMATIONOTHER INFORMATIONOTHER INFORMATIONOTHER INFORMATION

Segment Assets 3,471,615 686,704 2,006,931 92,921 1,054,366 7,312,537Jointly Controlled Entity & Associates 2,303 12,513 78,266 6,338 62,255 161,675Unallocated Asset 320,206

HHHHHH

Consolidated Total Assets 7,794,418NNNNNN

Segment Liabilities 429,688 333,288 237,410 207,625 26,194 1,234,205Unallocated Liabilities 4,459,914

HHHHHH

Consolidated Total Liabilities 5,694,119NNNNNN

Capital Expenditure 168,883 72,799 3,586 8,467 26,778 280,513Depreciation And Amortisation 63,713 34,909 8,998 17,833 54,791 180,244Impairment Loss 334 - - 20,096 (813) 19,617

(b) Secondary reporting format - Geographical Segments

Sales (External) Total Assets Capital Expenditure2004 2003 2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000GROUPGROUPGROUPGROUPGROUP

Malaysia 1,562,240 1,451,257 6,123,389 6,493,996 499,805 156,183Indonesia 63,276 27,179 238,762 161,866 41,745 43,920Papua New Guinea 10,103 - 711,264 634,819 68,221 74,807United Kingdom 440,840 130,626 - - - -Rest of Asia 204,828 173,952 - - - -Rest of Europe 141,739 264,782 - - - -Other Countries 120,628 91,177 - 21,856 2,456 5,603

HHHHHH HHHHHH HHHHHH HHHHHH HHHHHH HHHHHH

2,543,654 2,138,973 7,073,415 7,312,537 612,227 280,513NNNNNN NNNNNN NNNNNN NNNNNN

Jointly Controlled Entity & Associates 320,463 161,675Unallocated Assets 975,936 320,206

HHHHHH HHHHHH

Total Assets 8,369,814 7,794,418NNNNNN NNNNNN



financial report

2727272727 SIGNIFICANT RELATED PARTY DISCLOSURESSIGNIFICANT RELATED PARTY DISCLOSURESSIGNIFICANT RELATED PARTY DISCLOSURESSIGNIFICANT RELATED PARTY DISCLOSURESSIGNIFICANT RELATED PARTY DISCLOSURES

In addition to related party disclosures mentioned elsewhere in the Financial Statements, set out beloware other significant related party transactions and balances. The related party transactions describedbelow were carried out on agreed terms and conditions.

Corporation2004 2003

RM’000 RM’000

Purchases From Subsidiaries 47,927 58,141Management Fees Paid To Subsidiaries 6,234 5,227Purchase Of Property, Plant And Equipment From Subsidiaries 3,706 43,438Rental Paid To Subsidiaries 23 663Interest Expenses Paid To Subsidiaries 104 165Debts Due From Subsidiaries Written Off 994 14,780

NNNNNNN NNNNNNN

Other Debts Novated From Subsidiaries - 14,780Sales To Subsidiaries 4,586 4,316Sale Of Investment To Subsidiaries 93,204 16,581Sale Of Property, Plant And Equipment To Subsidiaries 353,640 675Interest Income Received From Subsidiaries 354 12,140Management Fees Received From Subsidiaries 1,048 1,001Dividend Received From Subsidiaries 317 264Rental Received From Subsidiaries 4,306 3,779Course Fees Received From Subsidiaries 485 657

NNNNNNN NNNNNNN



financial report

2828282828 COMMITMENTSCOMMITMENTSCOMMITMENTSCOMMITMENTSCOMMITMENTS

(a )( a )( a )( a )( a ) CAPITAL COMMITMENTSCAPITAL COMMITMENTSCAPITAL COMMITMENTSCAPITAL COMMITMENTSCAPITAL COMMITMENTS Group Corporation2004 2003 2004 2003

RM’000 RM’000 RM’000 RM’000

Authorised Capital Expenditure Not Provided For In The Financial Statements :- Contracted For 146,390 76,129 26,855 14,257- Not Contracted For 135,315 277,031 - -


NNNNNNN NNNNNNN NNNNNNN NNNNNNNAnalysed As Follows :- Property, Plant And Equipment 254,850 338,873 - -- Development Expenditure 26,855 14,287 26,855 14,257



(b) NON-CANCELLABLE OPERATING LEASE COMMITMENTS(b) NON-CANCELLABLE OPERATING LEASE COMMITMENTS(b) NON-CANCELLABLE OPERATING LEASE COMMITMENTS(b) NON-CANCELLABLE OPERATING LEASE COMMITMENTS(b) NON-CANCELLABLE OPERATING LEASE COMMITMENTS

Group2004 2003

RM’000 RM’000

The Future Minimum Lease Payments :- Not later than 1 year 1,669 1,119- Later than 1 year and not later than 5 years 8,047 3,813

HHHHHHH HHHHHHH9,7169,7169,7169,7169,716 4,9324,9324,9324,9324,932

NNNNNNN NNNNNNN

2929292929 CONTINGENT LIABILITIES (UNSECURED)CONTINGENT LIABILITIES (UNSECURED)CONTINGENT LIABILITIES (UNSECURED)CONTINGENT LIABILITIES (UNSECURED)CONTINGENT LIABILITIES (UNSECURED)


RM’000 RM’000 RM’000 RM’000

Bank Guarantees Issued To Financial Institutions In Favour Of Third Parties For Facilities Granted To :- The Corporation 93,946 93,876 - -- Subsidiaries 38,308 42,632 - -- Third Parties 12,951 7,459 - -Potential Claims By Third Parties 45,528 15,922 34,605 1,848Guarantee Given By A Bank To Third Party 968 743 - -Corporate Guarantee Given To Third Parties - 3,025 - -



There are Real Property Gains Tax (RPGT) liabilities of RM16,732,000 (2003 : RM301,000) arising fromthe gains on disposal of the Corporation’s assets, which were not accrued for in the Financial Statements.



financial report

2929292929 CONTINGENT LIABILITIES (UNSECURED) CONTINGENT LIABILITIES (UNSECURED) CONTINGENT LIABILITIES (UNSECURED) CONTINGENT LIABILITIES (UNSECURED) CONTINGENT LIABILITIES (UNSECURED) (continued)

Application for exemption has been approved by the Ministry Of Finance in accordance with the approvalletter whereby exemption is given on disposal of property or shares owned by Johor Corporation and itssubsidiaries from the year 1998 to 2006.

Contingent liability consists mainly of a claim for specific performance in respect of a Sale and Purchaseagreement relating to 50 acres of land known as PLO 1, Mukim Kluang, Johor, and an alternative claimfor damages in lieu of specific performance in the sum of RM31,000,000. The Directors are of theopinion that the plaintiff’s claim for loss of profits will not be successful.

3030303030 FINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTS

( i )( i )( i )( i )( i ) Forward foreign exchange contractsForward foreign exchange contractsForward foreign exchange contractsForward foreign exchange contractsForward foreign exchange contracts

Forward foreign exchange contracts are entered into by the Group to manage exposure to fluctuationsin foreign currency exchange rates on specific transactions. Currently, the Group’s policy is to enterinto forward foreign exchange contracts for up to 30% of such foreign currency receipts where theCompany is able to enjoy premium market swap point and up to 80% of such foreign currencypayment over the following year but it is subject to review by management from time to time due to thecurrency market trend and situation.

At 31 December 2004, the settlement dates on open forward contracts range between 1 and 6months. The foreign currency amount to be received and contractual exchange rates of the Group’soutstanding contracts are as follows :

RM ‘000Hedged item Currency Equivalent Contract RateHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH20042004200420042004Trade receivables :USD4,422,609 USD 16,808 1USD = RM3.801EUR95,180 EUR 459 1EUR = RM4.820

Trade payables :EUR28,600 EUR 145 1EUR = RM5.060

20032003200320032003Trade receivables :USD2,738,000 USD 10,419 1USD = RM3.806

The fair values of outstanding forward contracts of the Group at the Balance Sheet date approximatetheir carrying amounts.

The net unrecognised losses/(gains) at 31 December 2004 on open contracts which hedgedanticipated future foreign currency sales amounted to RM4,000 (2003 : gain of RM15,000).These net exchange losses are deferred until the related sales are transacted, at which time theyare included in the measurement of such transactions.

( i i )( i i )( i i )( i i )( i i ) Fair valuesFair valuesFair valuesFair valuesFair values

The fair values of investment properties with carrying amount of RM577,546,000 (2003 :RM577,546,000) is RM528,950,000 (2003 : RM528,950,000).

It was not practicable within the constraints of timeliness and cost to estimate the fair value of theother unquoted investments. The market values at the Balance Sheet date of quoted investmentsapproximated their fair values.

The carrying amounts of other financial assets and liabilities of the Group and Corporation at thebalance sheet date approximated their fair values except as disclosed in Note 14 and 22 .



financial report

3131313131 PRIOR YEAR ADJUSTMENTPRIOR YEAR ADJUSTMENTPRIOR YEAR ADJUSTMENTPRIOR YEAR ADJUSTMENTPRIOR YEAR ADJUSTMENT

(a) In one of the subsidiaries, the prior year adjustment represents the reclassification of the 9% Cumu-lative Redeemable Preference Shares (“CRPS”) as liabilities in accordance with the MASB 24 “Finan-cial Instruments; Disclosure and Presentation”, consistent with current year’s presentation.

(b) In one of the associate companies, the prior year adjustments represents;

(i) Reversal of deferred tax liabilities in relation to a provision for diminution in value of land held in asubsidiary in respect of the financial year ended 31 December 2001; and

(ii) Reversal of permanent adjustments in relation to the dilution and disposal of subsidiaries inrespect of the prior year.

The effect of the changes in the Group’s financial statements are as follows;

AsAsAsAsAs Ef fectsEf fectsEf fectsEf fectsEf fectspreviouslypreviouslypreviouslypreviouslypreviously o fo fo fo fo f A sAsAsAsAs

reportedreportedreportedreportedreported AdjustmentsAdjustmentsAdjustmentsAdjustmentsAdjustments restatedrestatedrestatedrestatedrestatedRM’000 RM’000 RM’000

GroupGroupGroupGroupGroup

At 31 December 2002At 31 December 2002At 31 December 2002At 31 December 2002At 31 December 2002

Revenue Reserves (595,516) (2,596) (598,112)NNNNNNN NNNNNNN NNNNNNN

Year ended 31 December 2003Year ended 31 December 2003Year ended 31 December 2003Year ended 31 December 2003Year ended 31 December 2003

Share Of Results Of Associates 39,913 4,422 44,335Tax - The Corporation And Subsidiaries 105,083 98 105,181Minority Interests (88,416) (324) (88,740)


At 31 December 2003At 31 December 2003At 31 December 2003At 31 December 2003At 31 December 2003

Associates 88,984 4,422 93,406Minority Interests 1,551,460 2,920 1,554,380Revenue Reserves (489,542) 1,502 (488,040)




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3232323232 SIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR ENDSIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR ENDSIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR ENDSIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR ENDSIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR END

1. On 20 August 2004, Johor Land Berhad, a subsidiary of the Corporation, completed the disposal ofa piece of freehold land measuring approximately 258.48 acres all in the Mukim and District of KotaTinggi, Johor, to a third party for a total consideration of RM33,603,000.

2. On 1 October 2004, a subsidiary of the Corporation, Sindora Berhad, completed the acquisition of750,000 ordinary shares of RM1.00 each representing 75% equity interest in Metro Parking (M)Sdn Bhd from Harta Consult Sdn Bhd, a wholly owned subsidiary of the Corporation, for a total cashconsideration of RM6,375,000.

3. On 28 October 2004, Kumpulan Perubatan (Johor) Sdn Bhd (“KPJSB”), a wholly owned subsidiary ofKPJ Healthcare Bhd, a subsidiary of the Corporation had entered into a Memorandum of Understanding(“MOU”) with Continental Hospital Limited (“CHL”), a company incorporated in Bangladesh in respect ofa proposed collaboration to establish a centre of medical excellence in Dhaka, Bangladesh.

On 27 December 2004, three agreements were signed by both parties as follows:

(i) Technical Advisory Agreement (ii) Commissioning Agreement (iii) Management Agreement

4. On 20 December 2004, Johor Corporation completed the sale of a piece of freehold agricultural landzoned for development to its subsidiary, Johor Land Berhad, measuring approximately 1,474.25acres located in the Mukim of Tebrau, Johor Darul Ta’zim for a total consideration of RM353,000,000which is to be satisfied by:

(i) RM1,000,000 cash;

(ii) Issuance of 22,000,000 new ordinary shares of RM 1 each at par; and

(iii) Issuance of 330,000,000 five (5) years Convertible Unsecured Loan Stocks (“CULS”) at 100% ofits nominal value of RM1.00 each with a coupon rate of 1% per annum for the first 24 monthsand 6% per annum subsequently.

5. On 1 November 2004, New Britain Palm Oil Limited (“NBPOL”), a subsidiary of Kulim (Malaysia)Berhad which is a subsidiary of the Corporation, signed a Memorandum of Understanding togetherwith the Government of Solomon Island for acquisition of certain assets and/or interests of SolomonIsland Plantations Limited. All negotiations have been completed and NBPOL shareholders approvalwas secured at an Extraordinary General Meeting. An initial Investment Certificate has been issuedby the Solomon Island Government and NBPOL is awaiting for the issuance of a final InvestmentCertificate for commencement of operations.

6. On 6 December 2004, a subsidiary of the Corporation, Kulim (Malaysia) Berhad (“KMB”) entered into ajoint venture agreement with Topplant Laboratories Sdn Bhd (“TLSB”) to invest in and to operate a jointventure company known as Kulim Topplant Sdn Bhd (“KTSB”) (formerly known as Flovent Sdn Bhd) for theproduction of high-yielding oil palm clones by plant tissue culture technology. KMB will be subscribing for60% of the equity in KTSB and TLSB the remaining 40%. The authorised share capital of KTSB shall beRM10 million divided into 10 million ordinary shares of RM1.00 each. The paid up capital shall be RM5million. Foreign Investment Committee approval was secured on 3 March 2005 and the joint venturepartners are in final planning stage for laboratory construction work to commence.



financial report

3232323232 SIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR END SIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR END SIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR END SIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR END SIGNIFICANT EVENTS DURING AND SUBSEQUENT TO YEAR END (continued)

7. On 10 January 2005, a subsidiary of the Corporation, Kulim (Malaysia) Berhad completed anexercise of disposing a further 1.33% equity interest in its subsidiary, New Britain Palm Oil Limited(“NBPOL”) shares. This follows an earlier disposal of 3.67% shares in NBPOL completed by 31December 2004. The net proceeds raised from this disposal is equivalent to RM37.7 million. TheGroup’s shareholding in NBPOL after the disposal is reduced to 75% of NBPOL’s equity.

8. On 16 February 2005, a wholly owned subsidiary of Johor Corporation, Johor Foods Sdn Bhd (“JFSB”)entered into a deed of novation with Kumpulan Prasarana Rakyat Johor Sdn Bhd (“KPRJ”) and AffinBank Berhad. Under the deed of novation, JFSB shall accept the transfer of five pieces of land fromKPRJ and assume KPRJ’s liabilities of RM74 million to Affin Bank Berhad. On the same day, JFSBentered into an agreement with Affin Bank Berhad to take up a term loan facility amounting to RM66.6million. JFSB has paid RM7.4 million as deposit to Affin Bank Berhad in 2005.

9. On 18 February 2005, Johor Corporation disposed their long term investment in Archipelago Fundthrough a liquidation process for 449,210 units of shares with a return of USD 38 per unit. The totalproceeds received from the liquidation process is approximately RM 63,159,000.

10. On 11 March 2005, a subsidiary of the Corporation, Kulim (Malaysia) Berhad (“KMB”) announcedits proposal to undertake a capital distribution-in-specie of 50,550,000 Johor Land Berhad shares,also a subsidiary of the Corporation, to the shareholders of KMB. The proposed distribution wouldinvolve a distribution of the shares held by KMB, representing 41.43% equity interest as at 31December 2004, to its shareholders. Approvals of the shareholders at an Extraordinary GeneralMeeting, Securities Commission and Bursa Malaysia Securities Berhad have been secured on 20June 2005. The approval of the High Court is yet to be obtained.

11. On 15 March 2005, a subsidiary of the Corporation, Johor Land Berhad (“JLB”) had entered into aSale and Purchase Agreement to dispose off its entire shareholdings of 7,350,000 shares repre-senting 35% equity interest in Saint Gobain Terreal (Malaysia) Sdn Bhd to Terreal France, for a cashconsideration of RM1,837,500 or approximately RM0.25 per share (“Proposed Disposal”). TheProposed Disposal was completed on 18 June 2005 and Saint Gobain Terreal (Malaysia) Sdn Bhdceased to be an associate company of JLB and Johor Corporation.

12. On 24 March 2005, Johor Corporation had entered into a conditional Sale and Purchase Agreement(“SPA”) with its subsidiary, Sindora Berhad to dispose 112,500 ordinary shares of RM1.00 each,representing 75% equity interest in Epasa Shipping Agency Sdn Bhd for a total cash consideration ofRM2,100,000 or approximately RM18.67 per share. The transaction was completed on 30 May 2005.

13. On 25 March 2005, Larkin Sentral Management Sdn Bhd (“LSM”), a wholly owned subsidiary ofLarkin Sentral Sdn Bhd, a wholly owned subsidiary of the Corporation, alloted 4 million 3.5%Redeemable Convertible Preference Shares (“RCPS”) of RM1.00 each to Johor Land ConstructionSdn Bhd, a wholly owned subsidiary of Mengkibol Holdings Sdn Bhd, which in turn is a wholly ownedsubsidiary of the Corporation at RM1.00 per share.

On 29 March 2005, LSM further issued 10 million 3.5% RCPS to Johor Hotels International SdnBhd, a wholly owned subsidiary of Johor Franchise Development Sdn Bhd, which in turn is a whollyowned subsidiary of Johor Corporation.

14. On 10 June 2005, a subsidiary of the Corporation, Sindora Berhad completed the purchase from athird party of 490,000 ordinary shares of RM1.00 each (“Sale Shares”) in MM Vitaoils Sdn Bhd(“MVSB”) at the purchase price of RM4.00 per share (“Purchase Price”) for a total cash consider-ation of RM1,960,000 (“Purchase Sum”) and subscription of 1,885,000 new ordinary shares ofRM1.00 each (“Subscription Shares”) in MVSB at a subscription price of RM4.00 per share (“Sub-scription Price”) for a total cash consideration of RM7,540,000.

The above investments represent 35% equity interest in the enlarged share capital of MVSB.



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15. On 14 June 2005, the Corporation entered into a conditional acquisition agreement with KumpulanPerubatan (Johor) Sdn Bhd, a subsidiary of KPJ Healthcare Bhd, which in turn is a subsidiary of theCorporation, in relation to 6,693,825 ordinary shares of Indonesian Rupiah Two Thousand ThreeHundred and Thirty Three (Rp2,333) each representing seventy five percent (75%) of the ordinaryshares in PT Khasanah Putera Jakarta Medica (“PTKPJM”) for a cash consideration of RM6,866,464and assumption of liabilities owing by PTKPJM to Johor Corporation amounting to RM4,554,749(“indebted sum”), to be satisfied in cash.

16. On 22 April 2005, the Corporation entered into a sale and purchase agreement with Hotel GrandCentral Ltd to purchase 6,000,000 ordinary shares and 9,000,000 preference shares representing50% of ordinary shares in Grand Central Enterprise (Johore) Sdn Bhd (“GCE”) for a total purchaseconsideration of RM18,500,000. With the acquisition, GCE became a wholly owned subsidiary ofJohor Corporation.

17. On 22 June 2005, a subsidiary of the Corporation, Sindora Berhad (“SB”) entered into a conditionalsale and purchase agreement with Johor Corporation (“JCorp”) and Sindora Ventures Sdn Bhd(“SVSB”), a wholly-owned subsidiary of JCorp, of 36,910,978 ordinary shares of RM1.00 each(“Shares”) representing 100% of the enlarged issued and paid-up share capital of Makmuran SendirianBerhad (“MSB”), a subsidiary of SVSB, after the proposed capitalisation of an amount owing by MSBto JCorp and SVSB as at 31 December 2004 into new shares in MSB to be issued at par (“ProposedCapitalisation”), for a cash consideration of RM20,000,000 (“Purchase Price”) (“Proposed Acquisi-tion”);

On even day, SB announced a proposal for the issuance of renounceable rights of up to 48,000,000new shares in SB (“Rights Shares”) together with up to RM48,000,000 Detachable Free Warrants(“Rights Warrants”) on the basis of one (1) Rights Share together with one (1) Rights Warrant forevery two (2) existing shares held in SB (“Proposed Rights Issue”).

18. On 20 June 2005, a subsidiary of the Corporation, Kulim (Malaysia) Berhad (“KMB”) entered intoSales and Purchase Agreements as detailed below to acquire a total of 87,542,407 ordinary sharesof RM1.00 (“Shares”) in QSR Brands Bhd (“QSR”) (“Sale Shares”) for an aggregate cash consider-ation of RM280,135,702 (“Purchase Price”) or RM3.20 per share (“Proposed SPA Acquisition”)from the following vendors:-

(i) with Wisdom Innovative Technology Sdn Bhd in respect of the sale and purchase of 48,003,000Shares in QSR;

(ii) with Indexia Assets Limited in respect of the sale and purchase of 25,323,607 Shares in QSR;

(iii) with Yates Ventures Limited in respect of the sale and purchase of 8,799,600 Shares in QSR;and

(iv) with Naunton International Limited in respect of the sale and purchase of 5,416,200 Shares inQSR.

On 1 July 2005, KMB received an injunction issued by the High Court of Malaya in Kuala Lumpur,naming KMB together with Indexia Assets Limited (“Indexia”), Naunton International Limited (“Naunton”),Yates Ventures Limited (“Yates”) and UOB Kay Hian Pte Ltd (“UOB Kay Hian”) as defendents. Theplaintiffs for the above matter are Firstcrest Global Limited (“FGL”), Cogent Management Limited(“CML”), Batemans Capital Limited (“BCL”) and Eagle Option Sdn Bhd. The court order restrainsIndexia, Naunton, Yates and UOB Kay Hian from disposing or dealing with or negotiating for the saleor diminishing the value of any of QSR shares, to any other party (other than to FGL, CML and BCL)including KMB.



financial report


18. (continued)

On 6 July 2005, KMB entered into two supplemental agreements with Indexia and Yates to varycertain terms of the Indexia and Yates Principal Agreements to ensure compliance with the exparteinterim injunction order granted by the Kuala Lumpur High Court on 30 June 2005 on the applicationof Eagle Options Sdn Bhd and 3 others (“the Said Injunction”) which was served on KMB, Indexia,Yates, Naunton, and UOB Kay Hian on 1 July 2005.

Indexia and Yates, as vendors and KMB, have agreed to proceed to completion in respect of thefollowing;

(i) 19,150,497 non-injunted QSR Shares from Indexia for a cash consideration of RM61,281,590or RM3.20 per share; and

(ii) 656,200 non-injunted QSR Shares from Yates for a cash consideration of RM2,099,840 orRM3.20 per share.

(collectively the “Non-Injuncted QSR Shares”)

KMB has received legal advice that the abovementioned Non-Injuncted QSR Shares are not subject tothe Said Injunction.

On 15 July 2005, KMB announced that it had on 13 July 2005 agreed with Wisdom InnovativeTechnology Sdn Bhd (“Wisdom”) and Naunton International Limited (“Naunton”) through exchange ofletters, to vary clause 6.1 of the Sale and Purchase Agreement dated 20 June 2005 entered intobetween KMB and Wisdom (“Wisdom Agreement”) and between KMB and Naunton (“Naunton Agree-ment”), to state that the completion of the Wisdom and Naunton Agreements shall not be conditionalon the completion of the Sale and Purchase Agreement dated 20 June 2005 entered into betweenKMB and Yates and between KMB and Indexia. However, the Naunton Agreement is still conditionalupon the Wisdom Agreement being completed.

On 22 July 2005, the High Court of Malaya in Kuala Lumpur (“High Court”) has refused to extend theex parte interim injunction as announced on 1 July 2005. On the same date, the High Court alsodenied the application of Chain Valley Management Limited (“CVM”) and Eagle Option Sdn Bhd foran interim injunction restraining the defendants i.e. KMB, Indexia and UOB Kay Hian, disposing ordealing with or negotiating for the sale or diminishing the value of any of the 9,557,900 QSR Shareswhich had been purportedly sold to CVM by Indexia.

KMB also entered into a supplementary agreement with Naunton on the same date (“SupplementaryAgreement”) to vary certain terms of the sale and purchase agreement dated 20 June 2005 enteredinto between KMB and Naunton for the purchase of 5,416,000 ordinary shares of RM1.00 each(“Shares”) in QSR (“Naunton Principal Agreement”), as varied by a letter dated 13 July 2005.

19. An associate company of the Corporation, Damansara Realty Bhd announced on 5 July 2005 that itswholly-owned subsidiary, Tanjung Tuan Hotel Sdn Bhd was awarded by the High Court on 1 July 2005management rights over the hotel which was held under P.N.5 Lot 5628, Mukim Si Rusa, DaerahPort Dickson, Negeri Sembilan Darul Khusus under the name of The Regency Hotel & Resort (“thehotel”). The hotel was renamed Selesa Beach Resort, Port Dickson.



financial report


20. (i) In January 2000, Damansara Town Centre Sdn Bhd (“DTCSB”), a wholly owned subsidiary of anassociate company of the Corporation, Damansara Realty Bhd (“DBhd”) had issued 237 millionunits of Redeemable Convertible Cummulative Preference Shares ‘A’ (“RCCPS ‘A’”) with a netdividend return of 9 percent and is payable every six months from July 2000. At the same timeDTCSB also had issued 400 million RCCPS ‘B’ without any dividend.

(ii) JCorp had subscribed a total of 187 million units RCCPS ‘A’ whilst 50 million more is subscribedby Malaysia National Insurance Berhad (“MNI”)

(iii) JCorp later sold 10 million RCCPS ‘A’ to Archipelago Fund on 10 July 2000 thus reducing itsholding to 177 million units.

(iv) On 19 December 2003, JCorp converted all 177 million units RCCPS ‘A’ which it subscribed toordinary shares of DTCSB at par value of RM1.00 per share.

(v) At the same time, all 400.0 million units RCCPS ‘B’ subscribed by Johor City Development SdnBhd (“JCD”) was also converted to ordinary shares at par value of RM1.00 per unit. The sharesare novated to JCorp as part settlement of debts owing by JCD to JCorp.

(vi) With the conversion of RCCPS ‘A’ and RCCPS ‘B’ together with purchase of the remaining 100,000units of DTCSB shares from DBhd, DTCSB became a wholly owned subsidiary of Johor Corporationholding 577.1 million shares at par value RM1.00 per share.

(vii) Payment of dividend for RCCPS ‘A’ had only been declared twice i.e. in July 2000 and January2001. Accrued dividends that need to be paid by DTCSB up to its maturity on 5 January 2005amounted to RM61.43 million (RM43.43 million to JCorp and RM18.00 million to MNI).

(viii) JCorp also had taken over 10 million units RCCPS ‘A’ with value of RM10 million previouslysubscribed by Archipelago Fund as it was liquidated in October 2004. Accrued dividends thatneed to be paid by DTCSB to JCorp amounting to RM43.43 million and together with principal ofRM10.0 million totalled RM53.43 million. The Ministry of Finance had agreed to allow JCorp topurchase 53.43 million units of ‘New’ RCCPS which would be issued by DTCSB at the price ofRM1.00 per unit valued at RM53.43 million with a dividend rate of 5% per annum and to settlethe purchase through contra of DTCSB debts with JCorp which amounted to RM53.43 million.

(ix) On 5 January 2005, DTCSB paid RM10 million to MNI thus leaving RM58 million yet to be paid.MNI vide its letter dated 30 March 2005 forwarded a proposal for the payment through Al Bai’Bithaman Ajil (ABBA) facility. Both parties are currently in the midst of negotiations regarding theterms and conditions.

21. On 11 July 2005, Johor Corporation entered into a “waqaf” agreement whereby it endowed allof its 225,000 units of shares which represent 75 percent stake in Tiram Travel Sdn Bhd(“TTSB”), a subsidiary of Kumpulan Penambang (Johor) Sdn Bhd (“KPSB”), which is wholly ownedby the Corporation to the Johor Religious Council at a value of RM260,568.

Under the agreement, 100% of the profits from the shares in TTSB that was endowed would beapportioned 70% to Johor Corporation, 25% to Waqaf An-Nur Bhd and 5% to The Johor ReligiousCouncil. The profits derived on the 70% profits apportioned to Johor Corporation, if further invested,therein would be further distributed at the consideration and wisdom of the management of WaqafAn-Nur Bhd.



financial report


22. A subsidiary of Johor Capital Holdings Sdn Bhd, a wholly owned subsidiary of the Corporation, PJBCapital Sdn Bhd received a Notice of Demand from a third party subsequent to year end demandingthe full payment of its outstanding amount of RM21,506,554. The subsidiary had submitted a pro-posal which comprises of the following :

(a) a request for a waiver of the principal sum amounting to RM11,341,456;

(b) the transfer of 30% equity in unquoted investments valued at RM8,702,355 by Johor VenturesSdn Bhd., a wholly owned subsidiary of JCorp;

(c) the set off of the sum of RM462,742 being the unpaid dividend owing to JCorp, the ultimateholding corporation; and

(d) a cash payment of RM1,000,000.

The directors of the said company are of the view that the above can be negotiated and settledamicably.

23. On 15 July 2005, a wholly owned subsidiary of the Corporation, Johor Capital Holdings Sdn Bhd haddisposed a subsidiary, PJB Pacific Securities (Phils.) Inc. to a third party for a total consideration ofPesos 200,000.

24 On 14 February 2005, Johor Corporation entered into a Sales and Purchase Agreement with a thirdparty for the disposal and transfer part of Lot 436 CT 1965 Mukim Tebrau, District of Johor Bahruwith an area of approximately 6.968 acres for a consideration of RM6,070,522. The Corporationhad received the total sales consideration.

25. On 22 May 2005, Johor Corporation entered into a Sales and Purchase Agreement with a third partyfor the disposal and transfer of PTD 64721 and PTD 64722 in Mukim Kluang, Kluang District, Johorwith an area of approximately 160 acres for a total consideration of RM26,484,480.

10% of the sales consideration had been received by the Corporation.

26. On 12 July 2005, a subsidiary of the Corporation, Kulim (Malaysia) Berhad through its wholly ownedsubsidiary Kulim Limited (UK) had disposed off its entire shareholding of 2,887,103 shares representing5.1% equity interest in M.P. Evans Group PLC for a cash consideration of Pound Sterling 1.97 per shareor at a total net proceeds of Pound Sterling 5,659,000.

27. On 22 July 2005, the Corporation acquired 160,000 ordinary shares of RM1.00 each in TepakMarketing Sdn Bhd, a subsidiary of Sindora Bhd which is also a subsidiary of the Corporation, for atotal cash consideration of RM676,800 or RM4.23 per share.

28. On 27 July 2005, a subsidiary of the Corporation, Sindora Berhad (“SB”) announced that it had acceptedan offer from a third party for the disposal of 1,100,000 ordinary shares of RM1.00 each representing55% equity interest in its subsidiary, JMF Asset Management Sdn Bhd (“JMF”) at a price of RM4.00 pershare for a total cash consideration of RM4,400,000. Upon completion of the disposal, JMF ceased tobecome its subsidiary and became an associate company instead.

29. On 28 July 2005, Kumpulan Perubatan (Johor) Sdn Bhd (“KPJSB”), a wholly owned subsidiary of KPJHealthcare Bhd, a subsidiary of the Corporation, entered into a Memorandum of Understanding withNichinan Corporation (M) Sdn Bhd. This was in relation to the proposed engagement of HealthcareTechnical Services Sdn Bhd, a subsidiary of KPJSB as a Project Manager for the construction of aspecialist hospital on that piece of land held under Lot 1684 Grant 51787 Mukim of Pulai, District ofJohor.



financial report

% Group InterestCountry of Dec Dec

Name of Company Principal Activities Incorporation 2004 2003

IIIII CORE BUSINESSCORE BUSINESSCORE BUSINESSCORE BUSINESSCORE BUSINESS

AAAAA PALM OILPALM OILPALM OILPALM OILPALM OIL

ACTIVE COMPANIESACTIVE COMPANIESACTIVE COMPANIESACTIVE COMPANIESACTIVE COMPANIES

Kulim (Malaysia) Berhad # Holding company, manufacturing Malaysia 58.97 52.18and oil palm plantation

EPA Management Sdn Bhd Holding company and estate Malaysia 58.97 100.00 management

Kumpulan Bertam Plantations Berhad Oil palm plantation Malaysia 55.63 72.96Kumpulan Penambang (Johor) Sdn Bhd Investment holding and oil Malaysia 100.00 100.00

palm plantationJohor Foods Sdn Bhd Investment holding and oil Malaysia 100.00 100.00

palm plantationJohor Franchise Development Investment holding and oil Malaysia 100.00 100.00 Sdn Bhd palm plantationSelai Sdn Bhd Oil palm plantation Malaysia 58.97 52.18Dubois Natural Esters Sdn Bhd Manufacturing of esters Malaysia 29.64 26.22KMC Packaging Sdn Bhd Metal packaging Malaysia 29.49 26.09Kulim Plantations (Malaysia) Sdn Bhd Oil palm plantation Malaysia 58.97 52.18Skellerup Industries (Malaysia) Sdn Bhd Holding company and Malaysia 58.97 52.18

manufacturing (rubber products)Skellerup Latex Products (M) Sdn Bhd Manufacturing of rubber products Malaysia 58.97 52.18

(rubber gloves)Mahamurni Plantations Sdn Bhd Oil palm and rubber plantation Malaysia 58.97 52.18United Malayan Agricultural Oil palm plantation Malaysia 58.97 52.18 Corporation BhdNatural Oleochemicals Sdn Bhd Manufacturing and exporter of Malaysia 53.89 47.68

oleochemicalsPristine Bay Sdn Bhd Holding company Malaysia 79.07 75.61PT Graha Cakra Mulia Oil palm plantation Indonesia 53.00 70.00PT Harapan Hibrida Kalbar Oil palm plantation Indonesia 50.12 85.00PT Padang Bolak Jaya Oil palm plantation Indonesia 58.97 31.31PT Salanok Ladang Mas Oil palm plantation Indonesia 58.97 90.44PT Multrada Multi Maju Oil palm plantation Indonesia 58.97 31.31PT Trimurti Sumber Tama Oil palm plantation Indonesia 41.28 70.00PT Trimitra Sumberperkasa Oil palm plantation Indonesia 42.00 51.00PT Sumber Mahardhika Graha Oil palm plantation Indonesia 56.00 70.00Dami Australia Pty Ltd Research and development of Australia 47.18 31.31

premium oil palm seedsKurumul Plantations Limited Tea and coffee plantation Papua New Guinea 100.00 100.00Panquest Ventures Limited (BVI) Holding company and estate British Virgin Island 58.97 100.00

managementKulim Limited Investment holding United Kingdom 58.97 52.18New Britain Palm Oil Ltd Oil palm and coffee plantation Papua New Guinea 47.18 31.31New Britain Nominees Limited Nominee company Papua New Guinea 47.18 31.31Pembangunan Mahamurni Sdn Bhd Investment holding Malaysia 58.97 52.18Natural Soaps Sdn Bhd Manufacturer of ‘soap noodles’ Malaysia 53.89 47.68

and detergentEdaran Badang Sdn Bhd Distributor of ‘Mechanical Buffalo’ Malaysia 58.97 100.00Capital Stockbrokers Limited Dormant Papua New Guinea 47.18 31.31Capital Nominees Limited Nominee company Papua New Guinea 47.18 31.31

List Of Main Subsidiaries And Associates


financial report



AAAAA PALM OIL PALM OIL PALM OIL PALM OIL PALM OIL (continued)

DORMANT COMPANIESDORMANT COMPANIESDORMANT COMPANIESDORMANT COMPANIESDORMANT COMPANIES

Skellerup Foam Products (M) Sdn Bhd Manufacturing of rubber products Malaysia 58.97 52.18 (carpet underlay)

Marenban Limited Tea and coffee plantation Papua New Guinea 100.00 100.00Agricultural and Industrial Machinery Assembly and sales of Malaysia - 100.00 Sdn Bhd ‘Mechanical Buffalo’

CEASED OPERATIONS COMPANIESCEASED OPERATIONS COMPANIESCEASED OPERATIONS COMPANIESCEASED OPERATIONS COMPANIESCEASED OPERATIONS COMPANIES

EPA Futures Sdn Bhd Commodity broker Malaysia 58.97 75.61Kulim Topplant Sdn Bhd (formerly known Palm Kernel crusher Malaysia 58.97 52.18 as Flovent Sdn Bhd)Ulu Tiram Manufacturing Company Processing of rubber based Malaysia 58.97 52.18 (Malaysia) Sdn Bhd products and oil palm plantationVibrant Hectares Sdn Bhd Processing of palm oil kernel Malaysia 100.00 100.00Warren Plantations (Mt. Hagen) Ltd Tea and coffee plantation Papua New Guinea 100.00 100.00

COMPANIES IN WINDING UP PROCESSCOMPANIES IN WINDING UP PROCESSCOMPANIES IN WINDING UP PROCESSCOMPANIES IN WINDING UP PROCESSCOMPANIES IN WINDING UP PROCESS

Skellerup Polymer Products Sdn Bhd Polymer based manufacturer Malaysia 58.97 52.18Matthes & Porton B.V. Commodity broker Netherlands - 100.00

BBBBB HEALTHCAREHEALTHCAREHEALTHCAREHEALTHCAREHEALTHCARE


KPJ Healthcare Berhad # Investment holding Malaysia 74.04 76.37Kumpulan Perubatan (Johor) Sdn Bhd Investment holding and specialist Malaysia 74.04 76.37

hospital managementMedical Centre (Johore) Sdn Bhd Specialist hospital Malaysia 74.04 74.11Medical Supplies (Sarawak) Sdn Bhd Pharmaceutical dealer and outlets Malaysia 55.53 57.28Kuantan Specialist Hospital Sdn Bhd Specialist hospital Malaysia 54.84 53.91Lablink (M) Sdn Bhd Lab and pathology services Malaysia 44.47 45.82Puteri Specialist Hospital Sdn Bhd Specialist hospital Malaysia 74.04 76.37Medical Associates Sdn Bhd Specialist hospital Malaysia 72.88 75.18Johor Specialist Hospital Sdn Bhd Specialist hospital Malaysia 74.04 76.37Renalcare Perubatan (M) Sdn Bhd Haemodialysis services Malaysia 74.04 76.37Kedah Medical Centre Sdn Bhd Specialist hospital Malaysia 33.80 34.82Puteri Nursing College Sdn Bhd Nursing college Malaysia 74.04 76.37Hospital Penawar Sdn Bhd Specialist hospital Malaysia 22.21 22.91Tawakal Holdings Sdn Bhd Investment holdings Malaysia 74.04 76.37Pusat Pakar Tawakal Sdn Bhd Specialist hospital Malaysia 74.04 76.37Healthcare Technical Services Sdn Bhd Hospital management Malaysia 74.04 76.37Damansara Specialist Hospital Sdn Bhd Specialist hospital Malaysia 74.04 76.37FP Marketing (S) Pte Ltd Distributor of pharmaceutical Singapore 74.04 76.37

productsBukit Mertajam Specialist Hospital Specialist hospital Malaysia 51.83 53.46 Sdn BhdPusat Pakar Darul Naim Sdn Bhd Specialist hospital Malaysia 44.42 45.82Pharmaserv Alliances Sdn Bhd Distributor of pharmaceutical Malaysia 74.04 76.37

productsPT Selasih Husada Pratama Specialist hospital Indonesia 61.64 61.64PT Khidmat Perawatan Jasa Medika Specialist hospital Indonesia 100.00 100.00Puteri Healthcare Sdn Bhd Specialist hospital Malaysia 46.89 45.82Diaper Technology Industries Sdn Bhd Baby diapers manufacturer Malaysia 69.41 71.59



financial report



BBBBB HEALTHCARE HEALTHCARE HEALTHCARE HEALTHCARE HEALTHCARE (continued)


Malaysian Institute of Healthcare Healthcare management Malaysia 55.52 57.26 Management Sdn BhdSeremban Specialist Hospital Sdn Bhd Specialist hospital Malaysia 40.72 42.00Pharmacare Surgical Technologies Manufacturing of surgical thread Malaysia 74.03 76.35 Sdn BhdMaharani Specialist Hospital Sdn Bhd Specialist hospital Malaysia 74.04 76.37Bayan Baru Specialist Hospital Sdn Bhd Specialist hospital Malaysia 40.71 42.00PT Khasanah Putera Jakarta Medica Specialist hospital Indonesia 87.00 75.00


Freewell Sdn Bhd Ladies sanitary napkin manufacturer Malaysia 59.22 61.09Nespomas Sdn Bhd Supplier of pharmaceutical products Malaysia 74.04 76.37

COMPANIES IN THE PROCESS OF STRIKING OFFCOMPANIES IN THE PROCESS OF STRIKING OFFCOMPANIES IN THE PROCESS OF STRIKING OFFCOMPANIES IN THE PROCESS OF STRIKING OFFCOMPANIES IN THE PROCESS OF STRIKING OFF

Ipoh Radiotherapy Sdn Bhd Radiotheraphy services Malaysia 72.88 75.18

CCCCC PROPERTY DEVELOPMENTPROPERTY DEVELOPMENTPROPERTY DEVELOPMENTPROPERTY DEVELOPMENTPROPERTY DEVELOPMENT


Johor Land Berhad # Property developer Malaysia 57.56 40.53Damansara Realty Berhad # Investment holding Malaysia 21.79 21.71Advance Development Sdn Bhd Property developer Malaysia 57.56 40.53Saint Gobain Terreal (Malaysia) Sdn Bhd Manufacturing of clay roof tiles Malaysia 20.15 14.19Revertex (Malaysia) Sdn Bhd Processing of rubber and chemical Malaysia 17.31 12.19

productDORMANT COMPANIESDORMANT COMPANIESDORMANT COMPANIESDORMANT COMPANIESDORMANT COMPANIES

Mengkibol Holdings Sdn Bhd Investment holding Malaysia 100.00 100.00Johor Land (H) Sdn Bhd Investment holding Malaysia 100.00 100.00


Pembinaan Prefab Sdn Bhd Construction and production of Malaysia 57.56 40.53 ready-mixed concrete

Johor Land Constructions Sdn Bhd Dormant company Malaysia 100.00 100.00



financial report



DDDDD TIMBER/INTRAPRENEUR VENTURETIMBER/INTRAPRENEUR VENTURETIMBER/INTRAPRENEUR VENTURETIMBER/INTRAPRENEUR VENTURETIMBER/INTRAPRENEUR VENTURE


Sindora Berhad # Investment holding, logging and Malaysia 61.45 60.68 timber processing, oil palm and and rubber plantation and “Intrapreneur Venture”

Sindora Ventures Sdn Bhd Investment holding Malaysia 100.00 100.00Sindora Nusantara Sdn Bhd Investment holding Malaysia 100.00 100.00Sindora Wood Products Sdn Bhd Manufacturing and trading of wood Malaysia 61.45 60.68

productsSindora Timber Sdn Bhd Furniture manufacturing Malaysia 61.45 60.68 (Formerly Known As Sindora Furniture Sdn Bhd)Makmuran Sendirian Bhd Investment holding and logging Malaysia 100.00 100.00Makmuran Sawmill Sdn Bhd Sawn timber processing Malaysia 100.00 100.00Grand Patriot Sdn Bhd Investment holding Malaysia 100.00 100.00PT Andalas Lumber Products Processing of timber products Indonesia 60.00 60.00PT Khage Lestari Timber Processing of timber products Indonesia 51.00 51.00Sindora Trading Sdn Bhd Marketing of furniture and wood Malaysia 61.45 60.68

productsSindora Development Sdn Bhd Property developer and logging Malaysia 61.45 60.68

contractorWillis (Malaysia) Sdn Bhd Insurance broker Malaysia 39.58 39.27Pro-Office Bulk Mailing Sdn Bhd Bulk mailing services Malaysia 60.19 70.51Tepak Marketing Sdn Bhd Tea processing and marketing Malaysia 51.09 50.51JMF Asset Management Sdn Bhd Portfolio management and Malaysia 46.09 45.51

underwriting servicesJMF Capital Sdn Bhd Consultant, advisory and manager Malaysia 46.09 45.51

in relation to financial investmentJMF Nominees (Tempatan) Sdn Bhd Nominee company Malaysia 46.09 45.51Metro Parking (M) Sdn Bhd Carpark services Malaysia 50.27 90.00Metro Parking (S) Pte Ltd Carpark services Singapore 38.70 63.00Metro Parking (B) Sdn Bhd Carpark services Brunei 50.27 90.00Metro Parking Management Carpark services Philippines 50.27 90.00 (Philippines) Inc.Metro Equipment Systems (M) Sdn Bhd Supply of parking equipment Malaysia 47.75 90.00PT Metro Penata Sarana Carpark services Indonesia 30.16 54.00


Sindora Holdings (Johor) Sdn Bhd Investment holding Malaysia 100.00 100.00PT Citra Sanjaya Investment holding Indonesia 100.00 100.00JMF Margin Sdn Bhd Not active Malaysia 46.09 45.51


Sindora Timber Products Sdn Bhd Processing of timber products Malaysia 61.45 60.68Makmuran Veneer & Plywood Sdn Bhd Veneer production Malaysia 100.00 100.00D.I.M.A. Sdn Bhd Logging transportation service Malaysia 100.00 100.00Kiras Sdn Bhd Timber operation Malaysia 100.00 100.00Mahin Sdn Bhd Processing of sawn timber Malaysia 100.00 100.00PT Pelita Hartajaya Processing of timber products Indonesia 100.00 100.00



financial report



I II II II II I CORPORATE SERVICESCORPORATE SERVICESCORPORATE SERVICESCORPORATE SERVICESCORPORATE SERVICES

AAAAA CAPITAL SERVICESCAPITAL SERVICESCAPITAL SERVICESCAPITAL SERVICESCAPITAL SERVICES


Johor Capital Holdings Sdn Bhd Holding company Malaysia 100.00 100.00Johor Ventures Sdn Bhd Investment holding Malaysia 100.00 100.00PT PJB Pacific Capital Trust account Indonesia 100.00 80.00PT Johor Panca Agro Office space rental Indonesia 95.00 95.00


PJB Capital Sdn Bhd Portfolio management Malaysia 100.00 100.00PJB Pacific Securities (Phil) Inc. Security company Philippines 81.00 81.00PJB Pacific Capital (L) Berhad Corporate finance, brokerage, Labuan 75.00 75.00

research and data management


Australian Gold Field N.L Gold mining Australia 27.73 27.73

COMPANIES STRIKED OFFCOMPANIES STRIKED OFFCOMPANIES STRIKED OFFCOMPANIES STRIKED OFFCOMPANIES STRIKED OFF

PJB Pacific Securities (Hong Kong) Stock broking agent Hong Kong ----- 100.00 Limited

BBBBB UNIT TRUSTUNIT TRUSTUNIT TRUSTUNIT TRUSTUNIT TRUST

ACTIVE COMPANYACTIVE COMPANYACTIVE COMPANYACTIVE COMPANYACTIVE COMPANY

Pelaburan Johor Berhad Management of Unit Trust - Malaysia 100.00 100.00 Amanah Saham Johor and Dana Johor

CCCCC TRANSPORTTRANSPORTTRANSPORTTRANSPORTTRANSPORT


SPMB Holdings Sdn Bhd Investment holding Malaysia 100.00 100.00Syarikat Pengangkutan Maju Bhd Holding company and bus services Malaysia 98.27 98.27Penawar Express Line Berhad Bus services Malaysia 98.27 98.27M-Perkasa Services Sdn Bhd Management and workshop Malaysia 100.00 100.00 (Formerly known as Hosni services Management Services Sdn Bhd)


Pasir Gudang Container Terminal Dormant Malaysia 78.62 78.62 Sdn BhdTechnical Edge Sdn Bhd Trading of motor vehicle Malaysia 74.00 74.00

spare partsSyarikat Pengangkutan Dan Perniagaan Bus services Malaysia 66.42 66.42 ‘Am Melayu Sdn Bhd


LY Technologies (M) Sdn Bhd Distributor of bus and Malaysia 51.00 51.00 body-parts



financial report



CCCCC TRANSPORT TRANSPORT TRANSPORT TRANSPORT TRANSPORT (continued)


Buat Niaga Sdn Bhd Investment holding Malaysia 100.00 100.00

DDDDD PROPERTY MANAGEMENT & PROJECT MANAGEMENTPROPERTY MANAGEMENT & PROJECT MANAGEMENTPROPERTY MANAGEMENT & PROJECT MANAGEMENTPROPERTY MANAGEMENT & PROJECT MANAGEMENTPROPERTY MANAGEMENT & PROJECT MANAGEMENT


Harta Consult Sendirian Berhad Property management Malaysia 100.00 100.00Damansara-Harta Management Complex management Malaysia 100.00 99.99 Sdn BhdTotal Project Management Sdn Bhd Property management Malaysia 100.00 100.00TPM Technopark Sdn Bhd Industrial land development Malaysia 100.00 100.00Larkin Sentral Sdn Bhd Contractor and property Malaysia 100.00 100.00

managementLarkin Sentral Management Sdn Bhd Property management Malaysia 100.00 100.00Damansara Town Centre Sdn Bhd Property management Malaysia 100.00 99.98Persada Antarabangsa (Johor) Sdn Bhd Convention centre management Malaysia 100.00 100.00 (Previously known as Johor Asphalt Trading Sdn Bhd)


Pesona Nursery Sdn Bhd Nursery Malaysia 100.00 100.00TPM Management Sdn Bhd Provision of technical services Malaysia 100.00 100.00

EEEEE PROPERTY DEVELOPMENT, HOTEL & RESORTPROPERTY DEVELOPMENT, HOTEL & RESORTPROPERTY DEVELOPMENT, HOTEL & RESORTPROPERTY DEVELOPMENT, HOTEL & RESORTPROPERTY DEVELOPMENT, HOTEL & RESORT


Johor City Development Sdn Bhd New township development Malaysia 100.00 100.00JSEDC Properties Sdn Bhd Investment holding Malaysia 100.00 100.00Tanjung Langsat Port Sdn Bhd Petro-chemical port Malaysia 95.24 100.00Grand Central Enterprises (Johore) Hotel operations Malaysia 50.00 50.00 Sdn BhdPuteri Hotels Sdn Bhd Hotel operations Malaysia 100.00 100.00Hotel Selesa Sdn Bhd Hotel operations Malaysia 100.00 100.00Sibu Island Resorts Sdn Bhd Island resorts operator Malaysia 100.00 100.00Bertam Properties Sdn Bhd Estate management Malaysia 20.00 20.00Penang Golf Resort Sdn Bhd Management of golf field Malaysia 20.00 20.00Bertam Golf Management & Services Landscaping and nursery operator Malaysia 20.00 20.00 Sdn BhdBP Plantations Sdn Bhd Oil palm plantation Malaysia 20.00 20.00


Johor Hotels International Sdn Bhd Holding company Malaysia 100.00 100.00Pagoh Highlands Resort Sdn Bhd Dormant Malaysia 60.00 60.00Bandar Baru Majidee Development Property developer Malaysia 100.00 100.00 Sdn BhdMutiara Golf Properties Sdn Bhd Dormant Malaysia 20.00 20.00

FFFFF INDUSTRIAL DEVELOPMENT BUSINESSINDUSTRIAL DEVELOPMENT BUSINESSINDUSTRIAL DEVELOPMENT BUSINESSINDUSTRIAL DEVELOPMENT BUSINESSINDUSTRIAL DEVELOPMENT BUSINESS

PT Padang Industrial Park Industrial land development Indonesia 55.00 55.00



financial report



GGGGG OTHERSOTHERSOTHERSOTHERSOTHERS


Johor Skills Development Centre Industrial training centre Malaysia 100.00 100.00 Sdn BhdUnion Industries Sdn Bhd Manufacturing of window Malaysia 23.08 23.08

frame and wheel barrowTenaga Utama (Johor) Berhad Portfolio investments Malaysia 69.76 69.76Lek Consolidated Bhd Brake plate manufacturer Malaysia 30.00 30.00Pacific Forest Industries Sdn Bhd Timber industry Malaysia 20.00 20.00Palley Investments Limited Investment holding British Virgin Island 100.00 -Paracorp (M) Bhd Manufacturing electronic parts Malaysia 3.50 3.50Bennes Engineering Sdn Bhd General engineering Malaysia 10.98 10.98Pro Corporate Management Services Share Registrar Malaysia 100.00 100.00 Sdn Bhd (Formerly known as Phoenix Synergy (M) Sdn Bhd)Wonderful Wire & Cable Bhd Manufacturing of electronic cable Malaysia 3.33 1.50


Johor Paper & Publishing Sdn Bhd Investment holding Malaysia 100.00 100.00Ticom Trading Sdn Bhd Dormant Malaysia 23.08 23.08Johor Toys Sdn Bhd Dormant Malaysia 86.24 86.24Permodalan Teras Sdn Bhd (Formerly known as Pulau Nenas Dormant Malaysia 100.00 100.00 Sdn Bhd)PJB IT Research Sdn Bhd Dormant Malaysia 100.00 100.00T.T. Nusa Sdn Bhd Investment holding Malaysia 100.00 100.00DPIM Consult Sdn Bhd Management consultant Malaysia 76.37 76.37 (Formerly known as Tesbuild (M) Sdn Bhd)Asia Pacific Food Traders Sdn Bhd Trading of meat products Malaysia 51.00 51.00Kumpulan Sukan Sdn Bhd Sports and leisure operation Malaysia 100.00 100.00


PT PharmaCARE Medicine Shoppe Pharmacy Franchise Indonesia 95.85 96.22Paper Automation Sdn Bhd Paper cutting, marketing and Malaysia 93.58 93.58

manufacturing of non-carbon required paper

Asia Pacific Seafoods Pte Ltd Marketing of seafood products Singapore 100.00 100.00East Asian Marine Foods Sdn Bhd Processing and marketing Malaysia 100.00 100.00

of seafoodMeatpackers Sdn Bhd Marketing of meat products Malaysia 99.00 99.00Johor Deer Farm Sdn Bhd Deer farming Malaysia 100.00 100.00Meatpackers (A) Pty Ltd Marketing of meat products Australia 40.00 40.00Saujana Jaya Sdn Bhd Coconut milk processing Malaysia 100.00 100.00Johorcraft Sdn Bhd Ceramic production and Malaysia 100.00 100.00

handicraft marketingAmiza Publishing Sdn Bhd Book publishing and distributor Malaysia 96.15 96.15Johor Aluminium Processing Sdn Bhd Aluminium bar products Malaysia 35.00 35.00Sports Communications Sdn Bhd Promotion of motor sports Malaysia 50.00 50.00Sergam Berhad Trading of steel bars and Malaysia 96.78 96.78

materialsSTPA Trading Sdn Bhd Distribution of steel bars Malaysia 96.78 96.78

and building materials



financial report



CEASED OPERATIONS COMPANIES CEASED OPERATIONS COMPANIES CEASED OPERATIONS COMPANIES CEASED OPERATIONS COMPANIES CEASED OPERATIONS COMPANIES (continued)

Rely-On-Us Sdn Bhd Franchisor of business Malaysia 100.00 100.00 centre operations

Vision Possible Berhad Portfolio management Malaysia 100.00 100.00Orion Tours Pte Ltd Travel coach services Singapore 51.00 51.00Quality Heights Sdn Bhd Distributor and marketing Malaysia 100.00 100.00

of pharmaceutical productsJohor Estate Agency Sdn Bhd Dormant Company Malaysia 100.00 100.00

COMPANY UNDER RECEIVERSHIPCOMPANY UNDER RECEIVERSHIPCOMPANY UNDER RECEIVERSHIPCOMPANY UNDER RECEIVERSHIPCOMPANY UNDER RECEIVERSHIP

Kok Lian Marketing Sdn Bhd Book publisher Malaysia 51.00 51.00

I I II I II I II I II I I INTRAPRENEURINTRAPRENEURINTRAPRENEURINTRAPRENEURINTRAPRENEUR

AAAAA INTRAPRENEUR BUSINESS IINTRAPRENEUR BUSINESS IINTRAPRENEUR BUSINESS IINTRAPRENEUR BUSINESS IINTRAPRENEUR BUSINESS I


Excellent Relation Sdn Bhd To provide IT and other related Malaysia 90.00 90.00 services

Jejak Juara Sdn Bhd Photography services Malaysia 95.00 95.00Perkasa Mechanical & Engineering Sdn Bhd Workshop heavy machinery Malaysia 88.00 88.00JTP Trading Sdn Bhd Trading of tropical fruits Malaysia 75.00 75.00Aquapreneur Sdn Bhd Breeding of tiger prawns Malaysia 38.94 38.94Pro Communication Services Sdn Bhd Billboard and multimedia Malaysia 95.00 95.00

advertisementOpen Access Sdn Bhd Pharmacy Malaysia 66.99 72.55 (Formerly known as Open Access Sports Injury Services Sdn Bhd)Sejahtera Farma Sdn Bhd Pharmacy Malaysia 70.34 72.55Pro-Office Shoppe Sdn Bhd Photocopy and printing Malaysia 95.00 95.00

servicesJohor Land Manufacturing Sdn Bhd Manufacturing of metal door Malaysia 43.17 30.40

framesTg. Langsat Development Sdn Bhd Industrial land development Malaysia 100.00 79.00IPPJ Sdn Bhd Entrepreneurial training Malaysia 95.00 95.00

programmes and seminarsEpasa Shipping Agency Sdn Bhd Shipping and transportation services Malaysia 75.00 75.00Genuine Victory Sdn Bhd Management services and Malaysia 90.00 100.00

breeding of tiger prawnsHC Duraclean Sdn Bhd Franchisor of cleaning services Malaysia 94.14 94.00Capaian Aspirasi Sdn Bhd Management of Khairat Fund Malaysia 100.00 -


Metro Parking (Sabah) Sdn Bhd Carpark services Malaysia 33.30 90.00


PJB Pacific Advisory Services Sdn Bhd Security consultant Malaysia 75.00 75.00



financial report



BBBBB INTRAPRENEUR BUSINESS IIINTRAPRENEUR BUSINESS IIINTRAPRENEUR BUSINESS IIINTRAPRENEUR BUSINESS IIINTRAPRENEUR BUSINESS II


JKiNG Sdn Bhd Producer of sports attire Malaysia 100.00 100.00East Johor Marine Farms Sdn Bhd Rental of ponds for tiger Malaysia 65.60 65.60

prawns pondsYakin Tea Sdn Bhd Tea & coffee plantation Malaysia 62.24 62.24Pro-Office Services Sdn Bhd Investment holding Malaysia 100.00 100.00Johor Silica Industries Sdn Bhd Silica sand quarrying Malaysia 100.00 100.00Tiram Travel Sdn Bhd Travel agency Malaysia 100.00 100.00PharmaCARE Medicine Shoppe Sdn Bhd Pharmacy franchise Malaysia 100.00 100.00Pharmacare Sdn Bhd Trading and chain of pharmacy Malaysia 74.04 76.37Dusun Damai Sdn Bhd Marketing and managing Malaysia 100.00 100.00

orchardsTebing AUR Sdn Bhd Contractor management Malaysia 21.79 100.00

and consultancyJohor Heavy Industries Sdn Bhd Investment holding Malaysia 100.00 100.00Majestic Arena Sdn Bhd Marketing of Convention Centre Malaysia 100.00 -Infinite Structure Sdn Bhd Facilities Management Malaysia 100.00 -Great Allied Engineering Sdn Bhd Autoblasting and Painting Malaysia 100.00 -Teraju Fokus Sdn Bhd Security services Malaysia 100.00 -Aquabuilt Sdn Bhd Rental of hatchery Malaysia 100.00 100.00Rajaudang Sdn Bhd Investment holding and rental Malaysia 100.00 100.00

of ponds for breeding of tiger prawns


TWF Sdn Bhd Insurance management services Malaysia 39.58 39.27Pharmacare (S) Pte Ltd Pharmaceutical dealer and outlets Singapore 100.00 100.00


Johor Tropical Products Sdn Bhd Investment holding Malaysia 100.00 100.00Malaysia Pharmacy (Retail) Sdn Bhd Distributor and marketing of Malaysia 100.00 100.00

pharmaceutical productsPharmaCARE (B) Sdn Bhd Distributor and marketing of Brunei 44.42 45.82

pharmaceutical productsKilang Airbatu Perintis Sdn Bhd Ice manufacturing Malaysia 88.22 88.22Johor Tea Sdn Bhd Tea plantation Malaysia 100.00 100.00Tajasukan Sdn Bhd Investment holding Malaysia 100.00 100.00Jedcon Engineering Survey Sdn Bhd Land surveyor Malaysia 51.00 51.00Trapezoid Web Profile Sdn Bhd Web profile manufacturer Malaysia 81.74 81.74

CCCCC OTHERSOTHERSOTHERSOTHERSOTHERS


Selangor Foods Industries Sdn Bhd Meat Burger processing Malaysia - 100.00Johor Logistics Sdn Bhd Warehousing Malaysia 100.00 100.00Asam Bubuk Sdn Bhd Oil palm plantation Malaysia 49.00 49.00Panca Pesona Sdn Bhd Industrial land and property Malaysia 40.00 40.00

developerSri Gading Land Sdn Bhd Industrial land development Malaysia 51.00 51.00Techno SCP Sdn Bhd Industrial land development Malaysia 60.00 60.00MC-JTP Concept Sdn Bhd Rental and warehouse owner Malaysia 49.00 49.00Miyatech Precision (M) Sdn Bhd Metal stamping Malaysia 40.00 40.00Segamat Inland Port Sdn Bhd Inland port management Malaysia 12.50 12.50



financial report



CCCCC OTHERS OTHERS OTHERS OTHERS OTHERS (continued)


Johor Industrial Gas Sdn Bhd Manufacturer of industrial Malaysia 100.00 100.00 gas products


Westbury Tubular (M) Sdn Bhd Building and construction Malaysia 41.69 41.69 work using tubular steel

Tiram Air Sdn Bhd Chartered aircraft services Malaysia 70.00 70.00Tiram Tours (S) Pte Ltd Travel agency Singapore 51.00 51.00


Tiram Tours Sdn Bhd Investment holding Malaysia 51.00 51.00Johor Concrete Products Sdn Bhd Manufacturer of concrete products Malaysia 51.00 51.00

DDDDD NON-GOVERNMENT ORGANISATIONSNON-GOVERNMENT ORGANISATIONSNON-GOVERNMENT ORGANISATIONSNON-GOVERNMENT ORGANISATIONSNON-GOVERNMENT ORGANISATIONS(Incorporated under Companies Act, 1965)(Incorporated under Companies Act, 1965)(Incorporated under Companies Act, 1965)(Incorporated under Companies Act, 1965)(Incorporated under Companies Act, 1965)

Bistari Johor Berhad Entrepreneur club Malaysia * *Khairat Keluarga Perbadanan Bereavement fund Malaysia * * Johor BerhadPengurusan Klinik Wakaf An-Nur ‘Wakaf’ clinics management Malaysia * * BerhadYayasan Perbadanan Johor Manage and administer funds Malaysia * *

for education and charitable purposes

Kumpulan Perbadanan Johor Management service Malaysia 100.00 100.00 Sdn BhdJCorp Intrapreneur (M) Bhd Intrapreneurship club Malaysia * *

# Listed Company* Limited By Guarantee



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Documents

A Community of Enterprises - Johor Corporation 2004.pdf · A Community of Enterprises that respect the deeper social values that binds the organisation to its roots within the